<SEC-DOCUMENT>0001047469-20-001619.txt : 20200319
<SEC-HEADER>0001047469-20-001619.hdr.sgml : 20200319
<ACCEPTANCE-DATETIME>20200319170238
ACCESSION NUMBER:		0001047469-20-001619
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200513
FILED AS OF DATE:		20200319
DATE AS OF CHANGE:		20200319
EFFECTIVENESS DATE:		20200319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENSKE AUTOMOTIVE GROUP, INC.
		CENTRAL INDEX KEY:			0001019849
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				223086739
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12297
		FILM NUMBER:		20729200

	BUSINESS ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954
		BUSINESS PHONE:		248-648-2500

	MAIL ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED AUTO GROUP INC
		DATE OF NAME CHANGE:	19960726
</SEC-HEADER>
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<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B> SCHEDULE 14A</B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>
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<TD COLSPAN=3 style="font-family:arial;"><FONT SIZE=2> Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
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<TD COLSPAN=3 style="font-family:arial;"><BR><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
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Check the appropriate box:</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2><B> Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>Soliciting Material under &sect;240.14a-12<BR></FONT>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B> Penske Automotive Group,&nbsp;Inc.</B></FONT></TD>
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</FONT> <FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
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</FONT> <FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
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<TD COLSPAN=5 style="font-family:arial;"><FONT SIZE=2><BR>
Payment of Filing Fee (Check the appropriate box):</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:arial;"><BR><FONT SIZE=2>No fee required.</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:arial;"><BR><FONT SIZE=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
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<TD style="font-family:arial;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
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<TD style="font-family:arial;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
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<TD style="font-family:arial;"><FONT SIZE=2>(5)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Total fee paid:<BR>
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<TD style="font-family:arial;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:arial;"><BR><FONT SIZE=2>Fee paid previously with preliminary materials.</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:arial;"><BR><FONT SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><BR><FONT SIZE=2>Amount Previously Paid:<BR>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Date Filed:<BR>
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<font> </FONT> <FONT COLOR="#FFFFFE" SIZE=6>2020 Proxy Statement </FONT> <FONT SIZE=2></font>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=3><B>Annual Meeting of Stockholders</B></FONT><FONT SIZE=2><BR>
The Annual Meeting of Stockholders of<BR>
Penske Automotive Group,&nbsp;Inc. will be held May&nbsp;13, 2020<BR>
2555 Telegraph Road<BR>
Bloomfield Hills, Michigan 48302 </FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Dear Fellow Stockholder: </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>At
the date of this letter, the Coronavirus continues to impact our daily business. Our focus is to ensure we meet customer needs while doing our part to keep our customers, employees and our
communities safe. We have enhanced our cleaning procedures, both for facilities and vehicles, and instructed employees who feel ill to stay home, among other measures. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
currently plan to hold the 2020 Annual Meeting open to stockholders as provided in the enclosed proxy. However, we will continue to monitor the current Coronavirus situation closely and will
provide notice via a website posting if any changes to the Annual Meeting are necessary. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
past year was a remarkable period for our business. Although we faced unprecedented challenges from Brexit, changing vehicle tastes in response to new emissions standards (especially in Europe),
industry mobility developments and rapidly-changing technology, the diversification provided by our investments across transportation services drove our business. Overall, I was very pleased with our
performance last year. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
retail automotive, we celebrated our 20th&nbsp;anniversary since the initial acquisition of the business in 1999. Since then, we have grown Penske Automotive Group organically and through
acquisition and 2019 was no exception. Some highlights from the past year include:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Moving up to #136 on the Fortune 500 list </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Opening two greenfield used vehicle SuperCenters </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> The acquisition of Warner Truck Centers, which nearly doubles the size our commercial vehicle business, while making our company the largest
Freightliner and Western Star dealer in the United States </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Thirty-three of our dealerships were named to the </FONT><FONT SIZE=2><I>Automotive News Top 100 Dealerships to Work
For</I></FONT><FONT SIZE=2> in the United States. For the second year in a row, a Penske dealership was ranked #1 in the United States </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Returning $305&nbsp;million in capital to our shareholders through dividends and share repurchases </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
success is driven by each and every one of our 27,000 employees and their unwavering commitment to customer satisfaction. Their relentless focus on driving repeat and referral business by
exceeding the expectations of our customers through best-in-class customer service and the highest level of integrity. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
ask that you cast your vote as soon as possible. This will assure your shares are represented at the meeting. We appreciate your continued support, and we hope that you will stay safe and healthy. </FONT></P>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Sincerely,</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>/s/ Roger S. Penske<BR>


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&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>Roger S. Penske<BR></FONT> <FONT SIZE=2><I>Chair of the Board and<BR>
Chief Executive Officer</I></FONT></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2> Bloomfield Hills, Michigan<BR>
March&nbsp;19, 2020</FONT></TD>
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<FONT SIZE=6>
Penske Automotive Group,&nbsp;Inc. </FONT> <FONT SIZE=2></font>
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Notice of 2020 Annual Meeting of Stockholders  </B></FONT></P>
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<TD style="font-family:arial;"><FONT SIZE=2><B>Date:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>May&nbsp;13, 2020</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Time:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>8:00&nbsp;a.m. Eastern Daylight Time</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Place:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>2555 Telegraph Road<BR>
Bloomfield Hills, Michigan 48302</FONT></TD>
</TR>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Record date:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>March&nbsp;17, 2020. Only stockholders of record at the close of business on the record date are entitled to receive notice of, and to vote at, the Annual Meeting.</FONT></TD>
</TR>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Items of business:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>To elect thirteen
directors to serve until the next annual meeting </FONT><FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font
size=2></FONT><FONT SIZE=2>To approve our 2020 Equity Incentive Plan </FONT><FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left
style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>To ratify the selection of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditor for 2020 </FONT><FONT SIZE=2> </font> <p align=left
style="font-family:arial;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>To approve, on a non-binding advisory basis, the compensation paid to
our named executive officers</FONT></TD>
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<A NAME="toc_be16201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  INTERNET AVAILABILITY OF PROXY MATERIALS    <BR>    </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We are furnishing proxy materials to our stockholders primarily via the internet. On or about March&nbsp;27, 2020, we will send our stockholders a notice of
internet availability of proxy materials containing instructions on how to access our proxy materials, including our proxy statement and our 2019 annual report to stockholders. The notice of internet
availability of proxy materials also instructs you on how to vote via the internet. Other stockholders, in accordance with their prior requests, will receive e-mail notification of how to access our
proxy materials and vote via the internet or will be mailed paper copies of our proxy materials and a proxy card or voting instruction form. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Internet
distribution of our proxy materials is designed to expedite receipt by stockholders, lower the cost of the annual meeting and conserve natural resources. However, if you would prefer to
receive paper copies of proxy materials, please follow the instructions included in the notice of internet availability of proxy materials. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
proxy statement, proxy card and 2019 annual report to stockholders are available at </FONT><FONT SIZE=2><I><U>www.envisionreports.com/pag</U></I></FONT><FONT SIZE=2>. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>By order of the Board of Directors:</B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><U>/s/
Shane M. Spradlin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR></FONT> <FONT SIZE=2><B>Shane M. Spradlin<BR>  </B></FONT><FONT SIZE=2>Executive Vice President, General Counsel and Secretary </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Bloomfield
Hills, Michigan<BR>
March&nbsp;19, 2020 </FONT></P>

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<font> </FONT> <FONT SIZE=6>
Proxy summary </FONT> <FONT SIZE=2></font>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>This
summary highlights information contained elsewhere in this Proxy Statement. This summary does not contain all of the information you should consider, and you should read the entire Proxy
Statement carefully before voting. </FONT></P>

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Annual Meeting of Stockholders  </B></FONT></P>
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<TD style="font-family:arial;"><FONT SIZE=2><B>Date:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>May&nbsp;13, 2020</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Time:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>8:00&nbsp;a.m. Eastern Daylight Time</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Place:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>2555 Telegraph Road<BR>
Bloomfield Hills, Michigan 48302</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Record date:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>March&nbsp;17, 2020</FONT></TD>
</TR>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Voting:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>Stockholders as of the record date are entitled to vote. Each share of common stock is entitled to one vote for each director nominee and one vote for each of the proposals to be voted on.</FONT></TD>
</TR>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Admission to meeting:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2><B> Among other matters, proof of share ownership will be required to enter the Penske Automotive Annual Meeting&nbsp;&#151; see "Information about Attending the Meeting" on page&nbsp;46 for details.</B></FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2>Access to company appointed proxies:</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>If you are attending the meeting, you will have access to the company appointed proxies</FONT></TD>
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Meeting agenda  </B></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Election of thirteen directors </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Approval of our 2020 Equity Incentive Plan </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT
SIZE=2> Ratification of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditor for 2020 </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Advisory vote on named executive officer compensation </FONT></DD></DL>


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Voting Matters and Vote Recommendation  </B></FONT></P>
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</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Matter</B></FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;border-left:solid white 1.0pt; background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


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 </B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Board vote recommendation</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


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<TD ALIGN="CENTER" style="font-family:arial;border-left:solid white 1.0pt; background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Page Reference</B></FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>Election of directors</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>For each director nominee</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Page&nbsp;4</FONT></TD>
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 Approval of our 2020 Equity Incentive Plan</FONT></TD>
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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:arial;border-left:solid white 1.0pt; background-color:#e5d1d1;"><BR><FONT SIZE=2>&#8203;


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 For</FONT></TD>
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</FONT>
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<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2><BR>&nbsp;


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 Page&nbsp;15</FONT></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2>Ratification of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditor for 2020</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2>For</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2>Page&nbsp;20</FONT></TD>
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 Advisory vote on named executive officer compensation</FONT></TD>
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 For</FONT></TD>
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 Page&nbsp;23</FONT></TD>
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&nbsp;</FONT></TD>
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<A NAME="page_bf16201_1_2"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=3><B> </b></font></p>
<div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">
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<font>  </B></FONT><FONT SIZE=3><B> Our Director Nominees  </B></FONT><FONT SIZE=2></font>
</td>
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</table>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
following table provides summary information about each director nominee. Each director is elected annually by a majority of votes cast. </FONT></P>
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<TD WIDTH="26pt" style="font-family:arial;"></TD>
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<TD WIDTH="9pt" style="font-family:arial;"></TD>
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<TD WIDTH="46pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" style="font-family:arial;"></TD>
<TD WIDTH="9pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" style="font-family:arial;"></TD>
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<TD WIDTH="65pt" style="font-family:arial;"></TD>
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<TD WIDTH="9pt" style="font-family:arial;"></TD>
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<TD WIDTH="41pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" style="font-family:arial;"></TD>
<TD WIDTH="9pt" style="font-family:arial;"></TD>
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<TD WIDTH="21pt" style="font-family:arial;"></TD>
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<TD WIDTH="6pt" style="font-family:arial;"></TD>
<TD WIDTH="35pt" style="font-family:arial;"></TD>
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<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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</FONT> <FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Name</B></FONT></TD>
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</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


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 &#8203;</B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


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 </B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Age</B></FONT></TD>
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</B></FONT></TD>
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 &#8203;</B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


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</B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Director<BR> </B></FONT></TD>
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 </B></FONT></TD>
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 &#8203;</B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


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</B></FONT></TD>
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 Occupation</B></FONT></TD>
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</B></FONT></TD>
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 &#8203;</B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


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 </B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Independent</B></FONT></TD>
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</B></FONT></TD>
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&nbsp;</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


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</B></FONT></TD>
<TD COLSPAN=13 ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>


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 Committee Memberships</B></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </b></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B></b></font>&#8203;<font><b>&nbsp;


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</B></FONT></TD>
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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B></b></font>&#8203;<font><b>&nbsp;


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</B></FONT></TD>
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 </TD>
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</B></FONT></TD>
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 <font></FONT></TD>
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</B></FONT></TD>
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 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B></b></font>&#8203;<font><b>&nbsp;


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 </B></FONT></TD>
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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B></b></font>&#8203;<font><b>&nbsp;


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</B></FONT></TD>
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</B></FONT></TD>
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 <font></FONT></TD>
<TD VALIGN="MIDDLE" style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B></b></font>&#8203;<font><b>&nbsp;


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</B></FONT></TD>
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</B></FONT></TD>
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 </TD>
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</B></FONT></TD>
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 </TD>
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 </B></FONT></TD>
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 <font></FONT></TD>
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</B></FONT></TD>
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 </TD>
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 <font></FONT></TD>
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<TR VALIGN="TOP">
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B> </B></FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>


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&nbsp;</B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>since</B></FONT></TD>
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&nbsp;</B></FONT></TD>
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&nbsp;</B></FONT></TD>
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</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">John D. Barr</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">72</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2002</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Retired Chairman<BR>
Papa Murphy's Holdings,&nbsp;Inc.</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-left:solid white 1.0pt; "><FONT  style="font-size:8pt;line-height:9pt;">


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 Former Chief Executive Officer<BR>
Gas and Power and<BR>
Managing Board Member Siemens AG</FONT></TD>
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</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Wolfgang D&uuml;rheimer</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">61</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">2018</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Retired Chairman and CEO<BR>
Bentley Motors&nbsp;Ltd.</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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 Founding Partner and Co-Chairman<BR>
Charlesbank Capital Partners</FONT></TD>
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 M</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">President, Penske Automotive Group</FONT></TD>
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 Kimberly J. McWaters</FONT></TD>
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 55</FONT></TD>
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 2004</FONT></TD>
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 Retired President and CEO, Universal Technical Institute,&nbsp;Inc.</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Greg Penske</FONT></TD>
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Penske Motor Group</FONT></TD>
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 Roger S. Penske</FONT></TD>
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 Chair and Chief Executive Officer<BR>
Penske Automotive Group</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Sandra E. Pierce</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">2012</FONT></TD>
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&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Senior Executive Vice President and Chair<BR>
Huntington Michigan</FONT></TD>
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 Greg C. Smith</FONT></TD>
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 68</FONT></TD>
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 2017</FONT></TD>
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 Principal, Greg C. Smith&nbsp;LLC and<BR>
Former Vice Chairman, Ford Motor Company</FONT></TD>
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</FONT> <FONT FACE="SYMBOL"  style="font-size:8pt;line-height:9pt;">&middot;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Ronald G. Steinhart</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Retired Chairman and CEO<BR>
Commercial Banking Group, Bank One Corporation</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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 H. Brian Thompson</FONT></TD>
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 Executive Chairman<BR>
GTT Communications,&nbsp;Inc.</FONT></TD>
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 M</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Masashi Yamanaka</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">56</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">2018</FONT></TD>
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&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:10pt;margin-left:0pt;text-indent:0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Executive Vice President&nbsp;&#151; Strategic<BR>
Relationship Management<BR>
Penske Automotive Group</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>AC</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Audit Committee</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>C</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Chair</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>CC</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>Compensation and Management Development Committee</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>F</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Financial expert</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>NCG</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Nominating and Corporate Governance Committee</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Member</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>EC</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Executive Committee</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<A NAME="page_bf16201_1_3"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> <A NAME="bf16201_2020_equity_incentive_plan"> </A>
<A NAME="toc_bf16201_1"> </A>
    </b></font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
    cellpadding=0 cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



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  <FONT SIZE=3><B>2020 Equity Incentive Plan </B></FONT><FONT SIZE=2></font>
</td>
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</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
light of the expiration of the Company's existing 2015 equity incentive plan on May&nbsp;5, 2020, our stockholders are being asked to approve a new 2020 Equity Incentive Plan.
This plan provides up to 5.0&nbsp;million shares for equity awards and terminates once all awards have been issued under the plan. In the last three years, we have granted a gross amount of
1,237,937 incentive equity awards, which represents an average annual rate of shares issued as compared to shares outstanding of approximately 0.50%. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> <A NAME="bf16201_auditors"> </A>
<A NAME="toc_bf16201_2"> </A>
    </b></font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
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  <font>  </B></FONT><FONT SIZE=3><B>Auditors </B></FONT><FONT SIZE=2></font>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>As
a matter of good corporate governance, we ask that our stockholders ratify the selection of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditor for 2020. Set forth
below is summary information with respect to 2019 auditor fees paid to Deloitte&nbsp;&amp; Touche&nbsp;LLP. </FONT></P>
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<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
 </TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Audit Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,218,042</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audit Related Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>149,895</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Tax Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Compliance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>141,363</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Other Tax Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 304,268</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All Other Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Total Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,813,568</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> <A NAME="bf16201_corporate_social_responsibility"> </A>
<A NAME="toc_bf16201_3"> </A>
    </b></font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
    cellpadding=0 cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


  <FONT SIZE=3><B>Corporate Social Responsibility </B></FONT><FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
recognize we are accountable to key stakeholders and the communities in which we do business. We focus our environmental, social and governance efforts where we can have the most
positive impact on our business and society, including issues related to community investment, environmental sustainability, human capital, and investor outreach. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Central
to our mission are the core values of ethics, integrity, professionalism, teamwork and exceeding the expectations of our customers and employees. Our commitment to corporate social
responsibility is driven by these core values as we aim to conduct our business in ways that enrich the communities where we work and live, focus on the environment and safety, provide a workplace
that is safe, inclusive and diverse while providing value to our stakeholders. We are committed to responsible business practices </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=7,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=961968,FOLIO='iii',FILE='DISK108:[20ZAD1.20ZAD16201]BF16201A.;32',USER='CHE109858',CD='18-MAR-2020;15:35' -->
<A NAME="page_bf16201_1_4"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>and
continuous improvement of our operations and our relationships with our employees and the communities in which we live and work. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="47%" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="4pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="47%" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
</TR>

<TR VALIGN="TOP">
<TD style="font-family:arial;border-left:solid #000000 1.0pt; "><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-left:solid #000000 1.0pt; " -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Community</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Environment, Climate Change and Safety</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;border-left:solid #000000 1.0pt; "><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"border-left:solid #000000 1.0pt; " -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;border-left:solid #000000 1.0pt; "><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-left:solid #000000 1.0pt; " -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>We believe that positively involving our employees and giving back to the communities in which we do business is core to our culture. Our efforts include employee volunteer opportunities and partnerships with local food
banks, homeless shelters, hospitals, school districts, animal rescue organizations, and other charitable organizations.</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>We are committed to monitoring and managing the environmental impact of our businesses, determining the impact of climate change on our businesses, and to protecting the health and safety of our employees, customers and
those with whom we do business.</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;border-left:solid #000000 1.0pt; "><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"border-left:solid #000000 1.0pt; " -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
</TR>

<TR VALIGN="TOP">
<TD style="font-family:arial;border-left:solid #000000 1.0pt; "><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-left:solid #000000 1.0pt; " -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Human Capital</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Privacy and Investor Outreach</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"border-right:solid #000000 1.0pt;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;border-left:solid #000000 1.0pt; "><FONT  style="font-size:8pt;line-height:9pt;">


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&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;">


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&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;">


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&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;border-left:solid #000000 1.0pt; "><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Human Capital is our most important asset. Our goal is to create an environment that fosters inclusion and diversity. We aim to maintain a collaborative, supportive, and opportunistic culture based on ethics and integrity
that enhances innovation, employee engagement and teamwork.</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>We aim to be transparent about the information we collect from our customers. We also want individuals to be informed about what we do with their information and allow them to fully exercise their rights in regards to
that information. We regularly interact with investment analysts and other members of the investment community through investor calls, industry events, conferences and meetings. This interaction enables us to gain a more thorough understanding of the
views and perceptions of stockholders and the investment community.</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-right:solid #000000 1.0pt;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT>
</TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


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</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
</TR>

</TABLE></DIV>
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 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> <A NAME="bf16201_executive_compensation"> </A>
<A NAME="toc_bf16201_4"> </A>
    </b></font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
    cellpadding=0 cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



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  <FONT SIZE=3><B>Executive Compensation </B></FONT><FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
ask that our stockholders annually approve on an advisory basis our named executive officer compensation. The Board of Directors recommends a FOR vote because it believes that our compensation
policies and practices are effective in achieving the Company's goals of rewarding sustained financial and operating performance and leadership excellence, aligning the executives' long-term interest
with those of our stockholders and motivating our executives to remain with the Company for long and productive careers. In 2019, over 99% of the votes cast by our stockholders approved our 2018
executive compensation. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Compensation and Corporate Governance Highlights  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="40%" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="35pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="40%" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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</FONT> <FONT FACE="WINGDINGS" SIZE=2>&uuml;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT FACE="arial" SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Independent Lead Director</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT FACE="WINGDINGS" SIZE=2>&uuml;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT FACE="arial" SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 No officer severance agreements</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT FACE="WINGDINGS" SIZE=2>&uuml;</FONT></TD>
<TD style="font-family:arial;"><FONT FACE="arial" SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Clawback provision for certain restatements</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT FACE="WINGDINGS" SIZE=2>&uuml;</FONT></TD>
<TD style="font-family:arial;"><FONT FACE="arial" SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Average Board attendance of 98% during 2019</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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</FONT> <FONT FACE="WINGDINGS" SIZE=2>&uuml;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT FACE="arial" SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Director independence guidelines more stringent than NYSE guidelines</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT FACE="WINGDINGS" SIZE=2>&uuml;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT FACE="arial" SIZE=2>&nbsp;



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</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Robust stock ownership guidelines for our Officers and Directors</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT FACE="WINGDINGS" SIZE=2>&uuml;</FONT></TD>
<TD style="font-family:arial;"><FONT FACE="arial" SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>No stockholder rights plan (poison pill)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT FACE="WINGDINGS" SIZE=2>&uuml;</FONT></TD>
<TD style="font-family:arial;"><FONT FACE="arial" SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Annual election of our Board of Directors</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT FACE="WINGDINGS" SIZE=2>&uuml;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT FACE="arial" SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Say on pay advisory vote conducted annually</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT FACE="WINGDINGS" SIZE=2>&uuml;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT FACE="arial" SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Company policy prohibits Directors and employees from hedging our Common Stock</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>iv</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=8,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=833373,FOLIO='iv',FILE='DISK108:[20ZAD1.20ZAD16201]BF16201A.;32',USER='CHE109858',CD='18-MAR-2020;15:35' -->
<A NAME="page_bf16201_1_5"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


 </B></FONT><FONT SIZE=3><B>2019 Compensation Summary  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Set forth below is the 2019 compensation for each named executive officer as determined under Securities and Exchange Commission rules. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:75%;margin-left:12%;">
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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="68pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
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<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="60pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="92pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="68pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Name and Principal Position</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Salary<BR>
($)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Bonus<BR>
($)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Stock<BR>
Awards<BR>
($)(1)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;



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<BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>All Other<BR>
Compensation<BR>
($)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Total<BR>
($)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 5,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(2)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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 493,752</FONT></TD>
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 Chief Executive Officer</FONT></TD>
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 800,000</FONT></TD>
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 1,000,000</FONT></TD>
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 176,315</FONT></TD>
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 1,976,315</FONT></TD>
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 575,000</FONT></TD>
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 315,000</FONT></TD>
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 500,000</FONT></TD>
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 77,659</FONT></TD>
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 1,467,659</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 Executive Vice President&nbsp;&amp; Chief Financial Officer</FONT></TD>
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&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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 500,000</FONT></TD>
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 34,649</FONT></TD>
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 1,424,649</FONT></TD>
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<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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 Executive Vice President&nbsp;&#151; Human Resources</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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 575,000</FONT></TD>
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 315,000</FONT></TD>
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 500,000</FONT></TD>
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 89,597</FONT></TD>
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 1,479,597</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President, General Counsel&nbsp;&amp; Sec.</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
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&nbsp;</FONT></TD>
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</FONT></TD>
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</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



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</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Please
see the footnote references beginning on page&nbsp;34 for further information regarding our named executive officer compensation. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>v</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=9,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=406827,FOLIO='v',FILE='DISK108:[20ZAD1.20ZAD16201]BF16201A.;32',USER='CHE109858',CD='18-MAR-2020;15:35' -->
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A> </FONT></P>

<A NAME="bg16201_table_of_contents"> </A>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="BG16201A_main_toc"></A> </FONT></P>
 <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">
<div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">
<table width="100%" border=0 cellpadding=0 cellspacing=0>
<TR bgcolor="#FFFFFF">
<td style="font-family:arial;text-align:left;padding-top:4pt;border-top:solid #EB5A4E 2.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">


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 <FONT SIZE=6>
Proxy statement table of contents </FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>
<A NAME="BG16201_TOC"></A> </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="23pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ca16201_questions_about_the_meeting"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Questions about the Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ca16201_questions_about_the_meeting"><FONT SIZE=2>1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#cc16201_proposal_1__#151;_election_of_directors"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proposal 1&nbsp;&#151; Election of Directors</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#cc16201_proposal_1__#151;_election_of_directors"><FONT SIZE=2><BR>
4</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_our_corporate_governance"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Our Corporate Governance</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_our_corporate_governance"><FONT SIZE=2><BR>
9</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Board"><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Board Committees</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Board"><FONT SIZE=2><BR>
9</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_board_structure_and_lead_director."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Board Structure and Lead Director</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_board_structure_and_lead_director."><FONT SIZE=2><BR>
10</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_director_independence."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Director Independence</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_director_independence."><FONT SIZE=2><BR>
10</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_risk_management."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Management</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_risk_management."><FONT SIZE=2><BR>
11</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_director_advisor_program."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Director Advisor Program</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_director_advisor_program."><FONT SIZE=2><BR>
12</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_no_hedging_or_short_selling."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No Hedging or Short Selling</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_no_hedging_or_short_selling."><FONT SIZE=2><BR>
12</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_stock_ownership_guidelines/pledging."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock Ownership Guidelines/Pledging</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_stock_ownership_guidelines/pledging."><FONT SIZE=2><BR>
12</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_controlled_company."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Controlled Company</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_controlled_company."><FONT SIZE=2><BR>
12</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_director_candidates."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Director Candidates</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_director_candidates."><FONT SIZE=2><BR>
13</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_location_of_corporate_governance_documents."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Location of Corporate Governance Documents</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_location_of_corporate_governance_documents."><FONT SIZE=2><BR>
13</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_stockholder_nominations_and_proposals_for_2021."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholder Nominations and Proposals for
2021</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_stockholder_nominations_and_proposals_for_2021."><FONT SIZE=2><BR>
13</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ce16201_corporate_social_responsibility."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Corporate Social Responsibility</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ce16201_corporate_social_responsibility."><FONT SIZE=2><BR>
13</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#cg16201_proposal_2__#151;_appr__cg101937"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proposal 2&nbsp;&#151; Approval of our 2020 Equity Incentive
Plan</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#cg16201_proposal_2__#151;_appr__cg101937"><FONT SIZE=2><BR>
15</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#cg16201_proposal_3__#151;_ratification__pro02669"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proposal 3&nbsp;&#151; Ratification of the Selection of our
Independent Auditor</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#cg16201_proposal_3__#151;_ratification__pro02669"><FONT SIZE=2><BR>
20</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ci16201_proposal_4__#151;_advi__ci102083"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proposal 4&nbsp;&#151; Advisory Vote on Executive
Compensation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ci16201_proposal_4__#151;_advi__ci102083"><FONT SIZE=2><BR>
23</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ci16201_executive_officers"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive Officers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ci16201_executive_officers"><FONT SIZE=2><BR>
24</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ci16201_compensation_committee_report"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compensation Committee Report</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ci16201_compensation_committee_report"><FONT SIZE=2><BR>
25</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ck16201_compensation_discussion_and_analysis"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compensation Discussion and Analysis ("CD&amp;A")</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ck16201_compensation_discussion_and_analysis"><FONT SIZE=2><BR>
26</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#co16201_executive_compensation"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive Compensation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#co16201_executive_compensation"><FONT SIZE=2><BR>
34</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#cs16201_director_compensation"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Director Compensation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#cs16201_director_compensation"><FONT SIZE=2><BR>
39</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#cu16201_security_ownership_of_certain___sec02525"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Security Ownership of Certain Beneficial Owners and
Management</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#cu16201_security_ownership_of_certain___sec02525"><FONT SIZE=2><BR>
41</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#cw16201_related_party_transactions"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Related Party Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#cw16201_related_party_transactions"><FONT SIZE=2><BR>
43</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#cw16201_information_about_attending_the_meeting"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Information about Attending the Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#cw16201_information_about_attending_the_meeting"><FONT SIZE=2><BR>
46</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ma16201_appendix_a"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Appendix&nbsp;A&nbsp;&#151; 2020 Equity Incentive Plan</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#ma16201_appendix_a"><FONT SIZE=2><BR>
A-1</FONT></A></TD>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="ca16201_questions_about_the_meeting"> </A>
<A NAME="toc_ca16201_1"> </A>
    </font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
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  <FONT SIZE=5>  Questions about the Meeting</FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>


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Q.&nbsp;&nbsp;&nbsp;&nbsp;What am I voting on?  </I></B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
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<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2><B>A.</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Proposal 1:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2> Election of thirteen directors to serve until the next annual meeting of stockholders, or until their successors are duly elected and qualified</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Proposal 2:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2> Approval of our 2020 Equity Incentive Plan</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Proposal 3:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2> Ratification of the selection of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditing firm for 2020</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Proposal 4:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2> Advisory vote regarding executive compensation</FONT></TD>
</TR>
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Q.&nbsp;&nbsp;&nbsp;&nbsp;Who can vote?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our stockholders as of the close of business on the record date, March&nbsp;17, 2020, can
vote at the annual meeting. Each share of our common stock gets one vote. Votes may not be cumulated. As of March&nbsp;17, 2020, there were 80,887,853 shares of our common stock outstanding. </FONT></P>


<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Q.&nbsp;&nbsp;&nbsp;&nbsp;Why did I receive a notice in the mail regarding the Internet availability of proxy materials
instead of a full set of proxy materials?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As permitted by the Securities and Exchange Commission ("SEC"), we have elected to provide
access to our proxy materials primarily over the Internet rather than mailing paper copies of those materials to each stockholder. On or about March&nbsp;27, 2020, we will mail a Notice of Internet
Availability of Proxy Materials (the "Notice") to our stockholders, which provides website and other information for the purpose of accessing our proxy materials. All stockholders will have the
ability to access the proxy materials on the website referred to in the Notice or request a printed or electronic set of the proxy materials. Instructions on how to access the proxy materials over the
Internet or to request a printed copy may be found in the Notice. In addition, stockholders may request to receive proxy materials in printed form by mail or electronically by email on an ongoing
basis. We encourage you to take advantage of the availability of the proxy materials on the Internet to help reduce the cost and environmental impact of the printing and mailing of materials for the
annual meeting. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>



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Q.&nbsp;&nbsp;&nbsp;&nbsp;How can I get electronic access to the proxy materials?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Notice provides you with instructions regarding how to view our proxy materials for the
annual meeting on the Internet and instruct us to send proxy materials to you by email. Choosing to receive proxy materials by email will save us the cost of printing and mailing documents to you and
will reduce the impact of the printing and mailing of materials for our annual meeting on the environment. If you choose to receive future proxy materials by email, you will receive an email message
next year with instructions containing a link to those materials and a link to the proxy voting website. Your election to receive proxy materials by email will remain in effect unless and until you
rescind it. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Q.&nbsp;&nbsp;&nbsp;&nbsp;What is the difference between a stockholder of record and a beneficial owner of shares held
in street name?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Stockholder of Record</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;If your
shares are registered directly in your name with our transfer agent, Computershare Limited, you are the stockholder of record with respect to those shares and we sent the Notice directly to you. If
you request copies of the proxy materials by mail, you will receive a proxy card. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Beneficial Owner of Shares Held in Street Name</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;If your shares are held in an account at a brokerage firm, bank, broker-dealer or other
similar organization, then you are the beneficial owner of shares held in "street name," and the Notice was forwarded to you by that organization. The organization holding your account is considered
the stockholder of record </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>1</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>for
purposes of voting at the annual meeting. As a beneficial owner, you have the right to direct that organization on how to vote the shares held in your account. If you request copies of the proxy
materials by mail, you will receive a voting instruction form. </FONT></P>

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Q.&nbsp;&nbsp;&nbsp;&nbsp;How do I vote my shares?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If you are a stockholder of record or a participant in the Company's stock fund within our
Company 401(k) plan, you may vote in any of the following ways: </FONT></P>

<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Internet</I></FONT><FONT SIZE=2>. You may vote online by accessing www.envisionreports.com/pag and following the on-screen instructions. You will need the Control Number
included on the Notice or on your proxy card, as applicable. You may vote online 24&nbsp;hours a day. If you vote online, you do not need to return a proxy card. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Telephone</I></FONT><FONT SIZE=2>. In the U.S., you may vote by calling toll free 1-800-652-VOTE (1-800-652-8683) and following the instructions. You will need the Control
Number included on the Notice or on your proxy card, as applicable. You may vote by telephone 24&nbsp;hours a day. If you vote by telephone, you do not need to return a proxy card. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Mail</I></FONT><FONT SIZE=2>. If you requested printed copies of the proxy materials, you will receive a proxy card, and you may vote by signing, dating and mailing the
proxy card in the envelope provided. Votes submitted by mail must be received at our headquarters on or before May&nbsp;12, 2020. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>In Person</I></FONT><FONT SIZE=2>. You may vote in person at the annual meeting by requesting a ballot from the inspector of election at the meeting. </FONT></P>

</UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>If you are a beneficial owner of shares held in street name, you may vote in any of the following
ways:</I></FONT></P>

<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Internet</I></FONT><FONT SIZE=2>. You may vote online by following the instructions provided in the Notice. You will need the Control Number included on the Notice or on
your voting instruction form, as applicable. You may vote online 24&nbsp;hours a day. If you vote online, you do not need to return a voting instruction form. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Telephone</I></FONT><FONT SIZE=2>. You may vote by telephone by following the instructions provided in the Notice. You will need the Control Number included on the Notice or
on your voting instruction form, as applicable. You may vote by telephone 24&nbsp;hours a day. If you vote by telephone, you do not need to return a voting instruction form. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Mail</I></FONT><FONT SIZE=2>. If you requested printed copies of the proxy materials, you will receive a voting instruction form, and you may vote by signing, dating and
mailing it in the envelope provided. Votes submitted by mail must be received at our headquarters on or before May&nbsp;12, 2020. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>In Person</I></FONT><FONT SIZE=2>. You must obtain a legal proxy from the organization that holds your shares of record in order to vote your shares in person at the annual
meeting. Follow the instructions on the Notice to obtain this legal proxy. </FONT></P>

</UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>For
both stockholders of record and beneficial owners of shares held in street name (other than stockholders within our 401(k) plan), online and telephone voting is available through 11:59&nbsp;p.m.
ET on May&nbsp;12, 2020. For shares held by the stock fund within the Company's 401(k) plan, online and telephone voting is available through 2:00&nbsp;a.m. ET on May&nbsp;10, 2020. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Q.&nbsp;&nbsp;&nbsp;&nbsp;Can I change my mind after I vote?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You may change your vote at any time before the meeting by (1)&nbsp;signing and returning
another proxy card with a later date (or voting through the Internet or telephone again), (2)&nbsp;voting at the meeting if you are a registered stockholder or have obtained a legal proxy from your
bank or broker or (3)&nbsp;sending a notice to our Corporate Secretary prior to the meeting stating that you are revoking your proxy. If you are attending the meeting, you will have access to </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>the
company appointed proxies to change your vote until the polls close. </FONT></P>

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Q.&nbsp;&nbsp;&nbsp;&nbsp;What if I return my proxy card but do not provide voting instructions?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Proxies that are signed and returned but do not contain instructions will be voted
(1)&nbsp;FOR the election of the thirteen nominees for director, (2)&nbsp;FOR the approval of our 2020 Equity Incentive Plan, (3)&nbsp;FOR the ratification of our independent auditor and
(4)&nbsp;FOR approval of our named executive officer compensation. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Q.&nbsp;&nbsp;&nbsp;&nbsp;Will my shares be voted if I do not provide my proxy instruction form?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If you are a stockholder of record and do not provide a proxy, you must attend the meeting in
order to vote your shares. If you are a beneficial holder of shares held in street name, your shares may be voted even if you do not provide voting instructions on your instruction form as discussed
below. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Q.&nbsp;&nbsp;&nbsp;&nbsp;May stockholders ask questions at the meeting?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Yes. Our representatives will answer stockholders' questions of general interest at the end of
the meeting. In order to give a greater number of stockholders an opportunity to ask questions, individuals or groups may be allowed to ask only one question and repetitive or follow-up questions may
not be permitted. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Q.&nbsp;&nbsp;&nbsp;&nbsp;How many votes must be present to hold the meeting?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Your shares are counted as present at the meeting if you attend the meeting and vote in person
or if you properly return a proxy card or vote via the Internet or telephone. In order for us to conduct our meeting, a majority of our outstanding shares of common stock as of March&nbsp;17, 2020
must be present in person or by proxy at the meeting (40,443,927 shares). This is referred to as a quorum. Abstentions and broker non-votes will be counted for purposes of establishing a quorum at the
meeting. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Q.&nbsp;&nbsp;&nbsp;&nbsp;What is the effect of withheld votes, abstentions and broker non-votes and how are they
treated?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If you "withhold" with respect to one or more director nominees, your vote will have no effect
on the election of such nominee(s), as the thirteen nominees receiving the highest number of "For" votes will be elected as directors. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>If
you elect to "abstain" with respect to any proposal, the shares are considered present and entitled to vote with respect to such proposal and included for purposes of calculating the presence of a
quorum at the Annual Meeting. You may abstain from voting on any proposal to be voted on at the Annual Meeting, other than the election of directors. Under Proposals 2, 3 and 4, abstentions will count
as votes "against" the proposal. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>A
broker non-vote with respect to a proposal occurs when shares are held by a bank, broker or other nominee in street name, and the bank broker or other nominee does not receive voting instructions
from the beneficial owner as to how to vote such shares. Brokers have the authority under New York Stock Exchange rules to vote shares for which their customers do not provide voting instructions on
certain "routine" matters resulting in a broker non-vote. Under these rules, only the proposal to ratify our independent auditing firm is a "routine matter" being voted on by our stockholders this
year. Broker non-votes will only be counted for Proposal 3. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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Q.&nbsp;&nbsp;&nbsp;&nbsp;How many votes are needed to approve the proposals?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Regarding the election of directors (Proposal 1), our directors are elected by a plurality of
the votes cast and the thirteen nominees receiving the highest number of "For" votes will be elected as directors. Regarding Proposals 2, 3 and 4, the measures will pass if each receives the
affirmative vote of a majority of shares present and entitled to vote at the meeting. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>3</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="cc16201_proposal_1__#151;_election_of_directors"> </A>
<A NAME="toc_cc16201_1"> </A>
    </font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
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  <FONT SIZE=5>  Proposal 1&nbsp;&#151; Election of Directors</FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
first proposal to be voted on at the annual meeting will be the election of thirteen director nominees. Our Nominating and Corporate Governance Committee and Board of Directors recommend approval
of each of the nominees outlined below. If elected, each will serve until the next annual meeting of stockholders and until their successor has been elected and qualified or until their earlier death,
resignation or removal. Pursuant to a stockholders agreement, certain of our stockholders affiliated with Roger S. Penske and Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd. have agreed to vote together to
elect members of our Board of Directors. See "Related Party Transactions" for a description of this stockholders agreement. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Penske
Corporation recommended Greg Penske (Roger S. Penske's son) to our Nominating and Corporate Governance Committee as a candidate for election to our Board of Directors at the 2020 annual meeting
and intends to recommend Greg Penske as a candidate for election at the 2021 and 2022 annual meetings. Penske Corporation has informed us that it does not intend to recommend Greg Penske for
re-election to our Board at the 2023 annual meeting. Beginning in 2023, in lieu of Greg Penske, Penske Corporation presently intends to recommend one of Mr.&nbsp;Penske's other sons, Roger
Penske,&nbsp;Jr., to the Nominating and Corporate Governance Committee for nomination as a candidate for election to our Board at the 2023, 2024 and 2025 annual meetings. It is expected that Roger
S. Penske, Jr. will serve as an advisory committee member of Penske Truck Leasing (PTL) for 2020, 2021 and 2022 and it is expected that Greg Penske will step down from our Board at the 2023 annual
meeting and will serve as an advisory committee member of PTL beginning in 2023. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_director_nominees."> </A>
<A NAME="toc_cc16201_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Director Nominees. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our Nominating and Corporate Governance Committee has established minimum qualifications for director nominees, including having personal
integrity, loyalty to
our company and concern for its success and welfare, willingness to apply sound and independent business judgment and having sufficient time available for company matters. Experience in at least one
of the following is also desired: high level of leadership experience in business or administration, breadth of knowledge concerning issues affecting our company, willingness to contribute special
competence to board activities, accomplishments within the director's respective field, and experience reading and understanding financial statements. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Nominating and Corporate Governance Committee and Board of Directors reviewed the qualities of the Board members as a group, including the diversity of the Board's career experiences, viewpoints,
company affiliations, expertise with respect to the various facets of our business operations, and business experiences. The Board did not employ any particular benchmarks with respect to these
qualities, but was mindful of achieving an appropriate balance of these qualities with respect to the Board of Directors as a whole. Moreover, the Board of Directors and Nominating and Corporate
Governance Committee considered each nominee's overall service to our company during the previous term, each nominee's personal integrity and adherence to the standards noted above, as well as the
individual experience of each director noted within their biographies below. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>Our Board of Directors Recommends a Vote "FOR" Each of the Following Nominees:</B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_john_d._barr"> </A>
<A NAME="toc_cc16201_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>    John D. Barr </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Retired Chairman, Papa Murphy's Holdings,&nbsp;Inc. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Barr,</I></FONT><FONT SIZE=2> 72, has served as a director since December 2002. Mr.&nbsp;Barr was the past Chairman of Papa Murphy's Holdings,&nbsp;Inc., a
franchisor and operator of Take-N-Bake pizza from September 2009 to September 2016 and was its Chief Executive Officer from April 2004 to January&nbsp;1, 2012. From 1999 until April 2004,
Mr.&nbsp;Barr served as President and Chief Executive Officer of Automotive Performance
Industries, a vehicle transportation service provider. Prior thereto, Mr.&nbsp;Barr was President and Chief Operating Officer, as well as a member of the Board of Directors, of Quaker State
Corporation from June 1995 to 1999. Prior to joining Quaker State, Mr.&nbsp;Barr spent 25&nbsp;years with the Valvoline Company, a subsidiary of </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>4</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Ashland&nbsp;Inc.,
where he was President and Chief Executive Officer from 1987 to 1995. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive oil industry experience from
serving ultimately as COO and director of Quaker State Corporation; breadth of knowledge concerning issues affecting our Company; experience with franchise business model as former CEO of Papa
Murphy's Holdings. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_lisa_davis"> </A>
<A NAME="toc_cc16201_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Lisa Davis </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Former Chief Executive Officer Gas and Power and Managing Board Member, Siemens AG </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Ms.&nbsp;Davis</I></FONT><FONT SIZE=2>, 56, has served as a director since May 2017. From August 2014 through February 2020 when she resigned, Ms.&nbsp;Davis served as a
member of the Managing Board for Siemens AG responsible as Chief Executive Officer for the company's Gas and Power global operations present in 80 countries around the world. Also from January 2017
through February 2020 she served as Chair and CEO of Siemens Corporation, USA, the largest market globally for Siemens AG. From 1986 to 2014, Ms.&nbsp;Davis served in various capacities with Exxon
Corporation, Texaco USA and Royal Dutch Shell, most recently, Executive Vice President&nbsp;&#151; Strategy, Portfolio and Alternative Energy and Vice President&nbsp;&#151;
Lubricants and Commercial Fuels Americas, and previously numerous leadership positions in Supply and Refining. Ms.&nbsp;Davis is also a director for Kosmos Energy&nbsp;Ltd and Air Products and
Chemicals,&nbsp;Inc. Individual experience: Extensive global energy industry experience from serving in various capacities along the entire value chain from upstream to manufacturing to sales and
marketing; senior executive leadership experience with international industry-leading companies; diverse experience with public company board service in the US and Europe. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_wolfgang_d_uuml;rheimer"> </A>
<A NAME="toc_cc16201_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Wolfgang D&uuml;rheimer </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Retired Chairman and CEO Bentley Motors&nbsp;Ltd. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;D&uuml;rheimer</I></FONT><FONT SIZE=2>, 61, has served as a director since May 2018 and served as the Chairman and Chief Executive Officer of Bentley
Motors&nbsp;Ltd., a subsidiary of Volkswagen AG, from April 2014 to January 2018, as well as the President of its sister companies, Bugatti Automobiles&nbsp;S.A.S. and Bugatti
International&nbsp;S.A. Previously, Mr.&nbsp;D&uuml;rheimer held various positions with Volkswagen AG and its subsidiaries, most recently as the Chief Representative of Volkswagen Group
Motorsport responsible for the Group Motorsport Strategy from February 2011 to January 2018 and he was a member of the Board of Management of Audi AG from September 2012 to March 2014. From 1999 until
2011, Mr.&nbsp;D&uuml;rheimer worked for Porsche AG, where he was a member of the Board of Management responsible for Research and Development. Prior to joining Porsche in 1999,
Mr.&nbsp;D&uuml;rheimer worked 14&nbsp;years with BMW, where he held various managerial roles. </FONT><FONT SIZE=2><I>Individual experience:</I></FONT><FONT SIZE=2> Extensive automotive
industry experience with some of the company's largest represented brands including Audi, Bentley, BMW, and Porsche, culminating in leadership experience as Chief Executive Officer of Bentley Motors;
relationships with our key automotive industry partners, breadth of knowledge concerning issues facing our company. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_michael_r._eisenson"> </A>
<A NAME="toc_cc16201_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Michael R. Eisenson </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Founding Partner and Co-Chairman of Charlesbank Capital Partners&nbsp;LLC </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Eisenson</I></FONT><FONT SIZE=2>, 64, has served as a director since December 1993. He has served as the Co-Chairman of Charlesbank Capital Partners&nbsp;LLC, a
private investment firm and the successor to Harvard Private Capital Group,&nbsp;Inc. since July&nbsp;1, 2017. Previously, he was a Managing Director and CEO of Charlesbank Capital
Partners&nbsp;LLC, which he founded in 1998. Mr.&nbsp;Eisenson is also a director of Penske Corporation as of August 2017 and is a director of a number of private companies. In the previous five
years, Mr.&nbsp;Eisenson was formerly a director of Blueknight Energy Partners,&nbsp;L.P., and Montpelier RE Holdings&nbsp;Ltd. </FONT><FONT SIZE=2><I>Individual
experience</I></FONT><FONT SIZE=2>: Familiarity with all of the Company's key operations from serving as our director since 1993; experience managing Charlesbank and affiliates and their portfolio
companies; experience in commercial finance, private equity and leveraged finance; demonstrated success formerly serving as our audit committee chairman. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>5</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_robert_h._kurnick,_jr."> </A>
<A NAME="toc_cc16201_7"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Robert H. Kurnick, Jr. </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;President of Penske Automotive Group </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Kurnick, Jr.</I></FONT><FONT SIZE=2>, 58, has served as our President since April 2008 and has been a director since May 2006. Since September 2017,
Mr.&nbsp;Kurnick has served as Vice Chair of Penske Corporation, and from 2003 until then served as President of Penske Corporation. He has also been a director of Penske Corporation since 2003.
Penske Corporation is a privately owned diversified transportation services company that holds, through its subsidiaries, interests in a number of businesses. </FONT><FONT SIZE=2><I>Individual
experience</I></FONT><FONT SIZE=2>: Familiarity with all of the Company's key operations; breadth of knowledge concerning
issues affecting our Company; extensive automotive industry experience; experience as Vice Chair and former President of Penske Corporation. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_kimberly_j._mcwaters"> </A>
<A NAME="toc_cc16201_8"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Kimberly J. McWaters </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Retired President and CEO of Universal Technical Institute,&nbsp;Inc. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Ms.&nbsp;McWaters,</I></FONT><FONT SIZE=2> 55, has served as a director since December 2004. She retired as President and CEO of Universal Technical Institute,&nbsp;Inc.
(UTI), the nation's leading provider of transportation industry technician training on October&nbsp;31, 2019. She was named President of UTI in 2000, CEO in 2003 and she served as its Chairman from
2013 to 2017. Ms.&nbsp;McWaters joined UTI in 1984 and has held several leadership positions in the company, including Vice President of Marketing and Vice President of Sales&nbsp;&amp; Marketing.
Ms.&nbsp;McWaters is also a director of UTI and Mobile Mini,&nbsp;Inc. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Automotive industry experience with UTI;
accomplishment within her field culminating with leadership experience as Chief Executive Officer of UTI; expertise relating to service and parts operations and particularly service technicians. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_greg_penske"> </A>
<A NAME="toc_cc16201_9"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Greg Penske </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Chairman and CEO of Penske Motor Group </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Penske</I></FONT><FONT SIZE=2>, 57, has been the Chairman and Chief Executive Officer of Penske Motor Group,&nbsp;LLC, an automotive group that includes Longo
Toyota, the largest volume Toyota dealership in the U.S.A., as well as Lexus and Mercedes brands. From 1997 to 1999 he was the President and CEO of Penske Motorsports, a publicly traded company which
operated racetracks in the U.S. Mr.&nbsp;Penske currently serves on the Board of Directors for Penske Corporation, Penske Entertainment and the Penske Truck Leasing Advisory Board. Mr.&nbsp;Penske
is the son of our Chief Executive Officer, Roger S. Penske. Mr.&nbsp;Penske formerly served as our Director from May 2014 through May 2017. </FONT><FONT SIZE=2><I>Individual
Experience</I></FONT><FONT SIZE=2>: Extensive automotive retail industry experience; relationships with key automotive partners; familiarity with all of the Company's key operations through Penske
Corporation directorship and Penske Truck Leasing Advisory Board membership. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_roger_s._penske"> </A>
<A NAME="toc_cc16201_10"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Roger S. Penske </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Chair of the Board and CEO of Penske Automotive Group </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Penske,</I></FONT><FONT SIZE=2> 83, has served as a director since May 1999. Since May 1999, Mr.&nbsp;Penske has served as our Chair and CEO. Mr.&nbsp;Penske has
also been Chair of the Board and CEO of Penske Corporation since 1969 and Chair of the Board of Penske Truck Leasing Corporation since 1982.
Mr.&nbsp;Penske serves as a member of the Board of Directors of Universal Technical Institute. Mr.&nbsp;Penske also is a Director of the Downtown Detroit Partnership and a director of Business
Leaders for Michigan. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive automotive industry experience; relationships with our key automotive partners; familiarity with
all of the Company's key operations; experience as an executive and a director of some of the world's leading companies; significant ownership position of our stock through Penske Corporation and
other affiliates. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_sandra_e._pierce"> </A>
<A NAME="toc_cc16201_11"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Sandra E. Pierce </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Senior Executive Vice President and Chair, Huntington Michigan </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Ms.&nbsp;Pierce,</I></FONT><FONT SIZE=2> 61, has served as a director since December 2012. Since August 2016, Ms.&nbsp;Pierce has led the Private Bank, Huntington
Insurance, and Auto Finance/RV Marine as well as state activities in Michigan. From February&nbsp;1, 2013, until their August 2016 merger with Huntington, Ms.&nbsp;Pierce served as Vice Chairman
of FirstMerit Corporation, and Chairman and CEO of FirstMerit Michigan. From 2005 until June 2012, Ms.&nbsp;Pierce served as the Chief Executive Officer and President at Charter One Bank Michigan, a
division of RBS Citizens, N.A. ("RBS") where she had responsibilities for commercial banking and all state bank activities </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>6</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>in
Michigan as well as oversight of all state activities in Illinois and Ohio. From 1978 through 2004, Ms.&nbsp;Pierce served as Regional Executive of Midwest Retail Operations for JPMorgan Chase,
with responsibilities for Michigan and Indiana, and she held a number of management positions in the retail, commercial lending, and private banking businesses at JPMorgan Chase and its predecessor
companies, Bank One, First Chicago NBD Corp. and NBD Bancorp. Ms.&nbsp;Pierce is a director at American Axel and Manufacturing Holdings,&nbsp;Inc., and ITC Holdings Corporation and has performed
leadership duties with numerous civic organizations, including immediate past Chair of Henry Ford Health System,&nbsp;Inc. since January 2012. </FONT><FONT SIZE=2><I>Individual
Experience</I></FONT><FONT SIZE=2>: Extensive retail and commercial banking experience; accomplished within her field culminating in CEO experience; extensive experience on private company boards and
demonstrated commitment to civic works. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_greg_c._smith"> </A>
<A NAME="toc_cc16201_12"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Greg C. Smith </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Principal, Greg C. Smith&nbsp;LLC and former Vice Chairman, Ford Motor Company </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Smith</I></FONT><FONT SIZE=2>, 68, has served as a director since August 2017. Mr.&nbsp;Smith, retired Vice Chairman of Ford Motor Company, currently serves as
Principal of Greg C. Smith,&nbsp;LLC, a private management consulting firm, a position he has held since 2007. Previously, Mr.&nbsp;Smith was employed by Ford
Motor Company for over 30&nbsp;years until 2006. Mr.&nbsp;Smith held various executive-level management positions at Ford Motor Company, most recently serving as Vice Chairman from 2005 until
2006, Executive Vice President and President&nbsp;&#151; Americas from 2004 until 2005, Group Vice President&nbsp;&#151; Ford Motor Company and Chairman and Chief Executive
Officer&nbsp;&#151; Ford Motor Credit Company from 2002 to 2004, Vice President, Ford Motor Company, and President and Chief Operating Officer, Ford Motor Credit Company from 2001 to 2002. As
Vice Chairman, Mr.&nbsp;Smith was responsible for Ford's Corporate Strategy and Staff, including Human Resources and Labor Affairs, Information Technology, and Automotive Strategy. During his career
at Ford, Mr.&nbsp;Smith ran several major business units and had extensive experience in Financial Services, Strategy, Marketing and Sales, Engineering and Product Development. Mr.&nbsp;Smith also
was responsible for Hertz when Ford owned it, and in 2005, Automotive Components Holdings, the portion of Visteon that Ford repurchased. Currently, Mr.&nbsp;Smith serves as a director of Lear
Corporation and formerly served as a director of Penske Corporation, the Federal National Mortgage Association (Fannie Mae) and Solutia,&nbsp;Inc. Mr.&nbsp;Smith serves on the Risk Oversight
Advisory Council of the National Association of Corporate Directors. Mr.&nbsp;Smith has a bachelor's degree in Mechanical Engineering from Rose-Hulman Institute of Technology and an MBA from Eastern
Michigan University. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive experience as an executive and a director; experience in a leadership role in automotive and
finance; perspective gained from leadership role in automotive and financial industries; extensive public company audit committee experience. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_ronald_g._steinhart"> </A>
<A NAME="toc_cc16201_13"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Ronald G. Steinhart </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Retired Chairman and CEO, Commercial Banking Group, Bank One Corporation </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Steinhart</I></FONT><FONT SIZE=2>, 79, has served as a director since March 2001. Mr.&nbsp;Steinhart served as Chairman and CEO, Commercial Banking Group, of Bank
One Corporation from December 1996 until his retirement in January 2000. From January 1995 to December 1996, Mr.&nbsp;Steinhart was Chairman and CEO of Bank One, Texas, N.A. Mr.&nbsp;Steinhart
joined Bank One in connection with its merger with Team Bank, which he founded in 1988. In the previous five years, Mr.&nbsp;Steinhart formerly served as a director of Southcross Energy
Partners,&nbsp;L.P. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive experience in banking and commercial lending industries; experience with respect to automotive
retail finance and insurance operations; extensive public company audit committee experience. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_h._brian_thompson"> </A>
<A NAME="toc_cc16201_14"> </A>
<BR></FONT><FONT SIZE=2><B><I>    H. Brian Thompson </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Executive Chairman of GTT Communications,&nbsp;Inc. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Thompson</I></FONT><FONT SIZE=2>, 80, has served as a director since March 2002. Mr.&nbsp;Thompson is Executive Chairman of GTT Communications,&nbsp;Inc., a
leading global cloud network provider to multinational clients. Mr.&nbsp;Thompson continues to head his own private equity investment and advisory firm, Universal Telecommunications,&nbsp;Inc.
From December 2002 to June 2007, Mr.&nbsp;Thompson was Chairman of Comsat International and also served as Chairman and Chief Executive Officer of Global </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>TeleSystems
Group,&nbsp;Inc. from March 1999 through September of 2000. Mr.&nbsp;Thompson was Chairman and CEO of LCI International from 1991 until its merger with Qwest Communications
International&nbsp;Inc. in June 1998. Mr.&nbsp;Thompson became Vice Chairman of the board for Qwest until his resignation in December 1998. Mr.&nbsp;Thompson previously served as Executive Vice
President of MCI Communications Corporation from 1981 to 1990, and prior to MCI, was a management consultant with the Washington, DC offices of McKinsey&nbsp;&amp; Company for nine years, where he
specialized in the management of telecommunications. He currently serves as a member of the board of directors of Pendrell Corporation. In the previous five years, Mr.&nbsp;Thompson was formerly a
director of Axcelis Technologies,&nbsp;Inc. and Sonus Networks,&nbsp;Inc. Mr.&nbsp;Thompson received his MBA from Harvard's Graduate School of Business, and holds an undergraduate degree in
chemical engineering from the University of Massachusetts. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive experience as an executive and director of numerous public
companies; experience in a leadership role directing international corporations; perspective gained from leadership role in communications industry; demonstrated success serving as our lead
independent director. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cc16201_masashi_yamanaka"> </A>
<A NAME="toc_cc16201_15"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Masashi Yamanaka </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Executive Vice President, Strategic Relationship Management, Penske Automotive Group </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Yamanaka,</I></FONT><FONT SIZE=2> 56, has served as a director since December 2018 and our Executive Vice President, Strategic Relationship Management since
March&nbsp;1, 2019. Prior to that, he held numerous positions with Mitsui starting in April 1987. Mr.&nbsp;Yamanaka was Senior Vice President of Mitsui&nbsp;&amp;&nbsp;Co. (U.S.A.),&nbsp;Inc.
from December 2018 to February 2019, and the General Manager of Mitsui's Second Motor Vehicles Division from April 2015 to November 2018. From July 2014 to April 2015, he served as Deputy General
Manager, Second Motor Vehicles Division. From January 2013 to July 2014, he served as Deputy General Manager, Planning and Administrative Department, Planning&nbsp;&amp; Administrative Division of the
Machinery&nbsp;&amp; Infrastructure Business Unit. </FONT><FONT SIZE=2><I>Individual Experience</I></FONT><FONT SIZE=2>: Global automotive industry experience; breadth of knowledge concerning
international opportunities; affiliation with Mitsui, which is the Company's second largest stockholder. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Board believes that the qualities and skills listed above for each of the nominees, qualifies each such nominee for service as a director of our company. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="ce16201_our_corporate_governance"> </A>
<A NAME="toc_ce16201_1"> </A>
    </font></p>    <div style="margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0 cellpadding=0
    cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



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  <FONT SIZE=5>  Our Corporate Governance</FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
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</div>

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<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>CURRENT DIRECTORS</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


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 </B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>BOD</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


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</B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Audit<BR>
Committee</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>&nbsp;


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</B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Compensation&nbsp;&amp;<BR>
Management<BR>
Development<BR>
Committee</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR>&nbsp;


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 </B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Nominating&nbsp;&amp;<BR>
Corporate<BR>
Governance<BR>
Committee</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR>&nbsp;


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</B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Executive<BR>
Committee</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 John D. Barr</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



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</FONT>
</TD>
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<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 F</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 &#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lisa Davis</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Wolfgang D&uuml;rheimer</FONT></TD>
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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



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</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
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</FONT>
</TD>
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<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 &#8203;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael R. Eisenson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Robert H. Kurnick, Jr.</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 M</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 M</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kimberly J. McWaters</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>F</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>C</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
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 Roger S. Penske</FONT></TD>
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 C</FONT></TD>
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</FONT></TD>
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</FONT></TD>
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 C</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Roger S. Penske, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Sandra E. Pierce</FONT></TD>
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 M</FONT></TD>
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</FONT></TD>
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</FONT></TD>
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</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Greg C. Smith</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>C,F</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Ronald G. Steinhart</FONT></TD>
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 M</FONT></TD>
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 F</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>H. Brian Thompson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>C</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Masashi Yamanaka</FONT></TD>
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 M</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>No. of Meetings in 2019</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>6</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>8</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>5</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>2</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>0</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>C</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Chair
 </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>F</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Financial
expert  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>M</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Member
 </FONT></DD></DL>
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="Board"></A> </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


 </B></FONT><FONT SIZE=3><B>Board Committees  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Board of Directors has four standing committees: the Audit Committee, the Compensation and Management Development Committee, the Nominating and Corporate Governance Committee and the Executive
Committee. Charters for the Audit, Compensation and Management Development, and Nominating and Corporate Governance committees are available on our website, www.penskeautomotive.com, under the
sub-heading "Governance" within the "Investor Relations" section. The principal responsibilities of each committee are described below. Collectively, our directors attended 98% of our board and
committee meetings in 2019, and each director attended at least 83% of their meetings. All of our directors are encouraged to attend the annual meeting of stockholders and 12 of our 13 directors
serving at that time attended the annual meeting in 2019. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I> Committee Member Qualifications.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the members of our Audit, Compensation and Management Development, and Nominating and Corporate Governance Committees are
independent under New York Stock Exchange guidelines and our guidelines for director
independence. The Board of Directors has determined that all members of the Audit Committee are "independent" and "financially literate" under New York Stock Exchange rules and applicable law, and
each of the four are "audit committee financial experts," as that term is defined in Securities and Exchange Commission rules. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>The Audit Committee</I></FONT><FONT SIZE=2> assists the Board of Directors in fulfilling its oversight responsibility relating to
the:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> financial statements, financial reporting and financial controls </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> internal audit function </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> engagement and evaluation of the independent auditing firm </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> significant business risks or exposures and the steps taken to assess, monitor and
mitigate these risks or exposures
 </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=19,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=162631,FOLIO='9',FILE='DISK108:[20ZAD1.20ZAD16201]CE16201A.;14',USER='CHE109858',CD='18-MAR-2020;15:35' -->
<A NAME="page_ce16201_1_10"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>The Compensation and Management Development Committee</I></FONT><FONT SIZE=2> assists the Board of Directors in discharging its responsibility relating
to:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> executive officers' compensation </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> compensation and benefits of other employees </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> administration of our equity incentive plans </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> recommendations to the Board of Directors with respect to director compensation
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> management progression and succession plans </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>The Nominating and Corporate Governance Committee</I></FONT><FONT SIZE=2>: </FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> identifies prospective candidates for our Board of Directors </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> recommends director nominees for each annual meeting of stockholders
and any interim vacancies the Board of Directors determines to fill </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> recommends to the Board of Directors corporate governance principles </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> annually reviews our corporate governance policies </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> oversees the Board self-evaluation </FONT><FONT SIZE=2>
 </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> oversees our compliance with legal and regulatory requirements </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I> Executive Committee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our Executive Committee's primary function is to act upon matters when the Board of Directors is not in session. The Executive Committee has
the full power and authority of the Board of Directors, except to the extent limited by law or our certificate of incorporation or bylaws or other governance documents. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ce16201_board_structure_and_lead_director."> </A>
<A NAME="toc_ce16201_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Board Structure and Lead Director. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Roger S. Penske is the Chair of our Board of Directors and our Chief Executive Officer. We believe the combination of these two
offices represents the most
appropriate approach for our company due to Mr.&nbsp;Penske's significant ownership position through Penske Corporation, his extensive industry experience, his relationships with our key suppliers
and other partners and his experience as an executive and a director of some of the world's leading companies. In light of the combination of these positions, one of our governance principles is to
have an independent "Lead Director." Our Lead Director is responsible for:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> coordinating and leading the activities of the outside directors </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> establishing the agenda for executive sessions of the outside
directors </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> presiding at the executive sessions of the outside directors which generally occur as part of each Board meeting </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT
SIZE=2> facilitating communication between the outside directors as a group and our management team </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Lead Director is H. Brian Thompson. You may communicate with the Lead Director by writing to us, c/o Corporate Secretary and General Counsel, 2555 Telegraph Road, Bloomfield Hills, MI 48302. All
messages will be reviewed by our Corporate Secretary's office and all (other than frivolous messages) will be forwarded to the Lead Director. Any written communications to the independent directors as
a group or the entire Board of Directors may be sent care of the Corporate Secretary as well. These communications (other than frivolous messages) will also be forwarded to the Lead Director. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ce16201_director_independence."> </A>
<A NAME="toc_ce16201_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Director Independence. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A majority of our Board of Directors is independent and each of the members of our audit, compensation and nominating committees is
independent. The Board of
Directors has determined that Mss. Davis and McWaters and Messrs.&nbsp;Barr, D&uuml;rheimer, Smith, Steinhart and Thompson are each independent in accordance with the listing requirements
of the New York Stock Exchange and our guidelines for independent directors which can be found in our corporate governance guidelines on our website www.penskeautomotive.com under the sub-heading
"Governance" within the "Investor Relations" section, and as set forth below. As required by New York Stock Exchange rules, our Board of Directors determined that no material relationship exists which
would interfere with the exercise of independent judgment in carrying out the responsibilities of the independent directors. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>For
a director to be considered independent under our corporate governance guidelines, the </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Board
of Directors must determine that the director does not have any direct or indirect material relationship with us. In addition to applying these guidelines, the Board of Directors considers
relevant facts and circumstances in making the determination of independence, and not merely from the standpoint of the director, but also from that of persons or organizations with which the director
has an affiliation. The Board considers the transactions, relationships and arrangements between the Company, and its affiliates such as Penske Corporation, Penske Racing, Penske Entertainment and
Penske Truck Leasing and affiliates of the director, including those described under "Related Party Transactions" and elsewhere in the proxy statement, in its independence determination. The Board
also considers ownership of our or our affiliates' securities by the directors and their affiliates, ownership by our management team of any securities of affiliates of directors, and sponsorships of
Penske Racing or other Penske affiliated racing entities by any of our or our directors' affiliates. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Under
our guidelines, which are more stringent than the New York Stock Exchange guidelines, a director will not be independent if: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
director is employed by us, or an immediate family member is one of our executive officers.*  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
director receives more than $60,000 of direct compensation from us, other than director fees and deferred compensation for prior service (provided such
compensation is not contingent in any way on continued service).*  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
director is affiliated with or employed by our independent auditing firm, or an immediate family member is affiliated with or employed in a professional capacity
by our independent auditing firm.  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>An
executive officer of ours serves on the compensation committee of the board of directors of a company that employs the director or an immediate family member as an
executive officer.  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
director is an executive officer or employee, or if an immediate family member is an executive officer, of another company that does business with us and the
sales by that company to us or purchases by that company from us, in any single fiscal year during the evaluation period, are more than the greater of two percent of the annual revenues of that
company or $1&nbsp;million.  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
director serves as an officer, director or trustee of a charitable organization, and our charitable contributions to the organization are more than the greater of
$250,000 or one percent of that organization's total annual charitable receipts during its last completed fiscal year.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Subject
to the rules of the New York Stock Exchange, employment as an Interim Chair, Interim CEO or other executive officer on an interim basis, and related
compensation, shall not disqualify a director from being considered independent immediately following that employment. </FONT></DD></DL>
</UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ce16201_risk_management."> </A>
<A NAME="toc_ce16201_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Risk Management. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have designed and implemented processes to manage risk in our operations. The role of the Board of Directors in risk management is primarily one
of oversight.
Management is responsible for the implementation and execution of our risk management initiatives. Our Board of Directors executes its oversight role directly and also through its various committees
as set forth below. </FONT></P>

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Audit Committee  </B></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> reviews management's assessment of the key risks facing our Company, including the key controls we rely on to mitigate those risks </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>
monitors certain key risks at its regularly scheduled meetings, such as liquidity risk, cybersecurity risk, risk relating to compliance with
credit covenants, and related party transaction risk </FONT></DD></DL>

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Nominating and Corporate Governance Committee  </B></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> oversees compliance with legal and regulatory requirements </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>11</FONT></P>

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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> reviews risks relating to our governance structure </FONT></DD></DL>

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Compensation and Management Development Committee  </B></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> reviews risks inherent in our compensation policies </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> reviews the Company's succession planning </FONT></DD></DL>

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Full Board of Directors  </B></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> reviews strategic and operational risk in the context of reports from corporate management, regional executives and other officers </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>
receives reports on all significant committee activities at each regular meeting </FONT><FONT SIZE=2>
 </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> reviews the risks inherent in any significant Company transactions </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>As
part of its review of operational risk, the Board of Directors reviews cybersecurity risks facing our company, including the potential for breach of our key information technology systems and the
potential for a breach of our systems and processes relating to the protection of customer and employee confidential information. The Board meets periodically with our Chief Information Officer and
our Audit Committee reviews key risks, including these risks, at its regular meetings and reviews any significant cybersecurity incidents. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ce16201_director_advisor_program."> </A>
<A NAME="toc_ce16201_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Director Advisor Program. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board has adopted a policy in its Corporate Governance Guidelines for the designation of certain former directors as "Director
Advisors" which allows us to
retain the benefits of continuing guidance from our long-tenured directors. This program is designed to encourage director renewal while retaining access to former long-tenured directors' valuable
experience and institutional knowledge. Director Advisors are expected typically to be invited to attend two Board meetings per year and be available for continuing consultation. A Director Advisor is
not entitled to attend any Board meeting, may not vote on any business coming before the Board nor is he or she counted as a member of the Board for the purpose of determining a quorum or for any
other purpose. A Director Advisor is not a member of the Board or a "director" as that term is used in our bylaws, this proxy statement or otherwise. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Director
Advisors are entitled to cash compensation of $40,000 per year payable in cash or company stock at the director's election, a charitable match opportunity and use of a company vehicle under
the same terms as our director compensation program, as well as reimbursement of company expenses and travel to our meetings. In February 2020, the Board designated William Lovejoy, a member of our
Board from 2004 to 2018, and Lucio Noto, a member of our Board from 2001 to 2018, as Director Advisors for 2020. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ce16201_no_hedging_or_short_selling."> </A>
<A NAME="toc_ce16201_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>    No Hedging or Short Selling. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our securities trading policy applies to all of our directors, officers and employees and restricts trading in our securities while in
possession of material
nonpublic information. The policy prohibits our directors, officers, employees and their designees from engaging in hedging, short sales and other trading techniques that offset any decrease in market
value of our equity securities without the approval of our General Counsel. No such approvals were granted in 2019, but we retain this flexibility in the event of a hardship need for a non-executive
employee. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ce16201_stock_ownership_guidelines/pledging."> </A>
<A NAME="toc_ce16201_7"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Stock Ownership Guidelines/Pledging. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our stock ownership guidelines, discussed in the CD&amp;A below, require threshold levels of our stock to be held by executive
officers, other senior officers and
directors. These guidelines exclude any shares that are pledged by our directors and officers. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ce16201_controlled_company."> </A>
<A NAME="toc_ce16201_8"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Controlled Company. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the New York Stock Exchange rules, if a company is "controlled" it need not have a majority of independent directors or solely independent
compensation or
nominating committees. We are a "controlled company" because more than 50% of the voting power for the election of directors is held by Penske Corporation through its voting agreement with
Mitsui&nbsp;&amp;&nbsp;Co. and their affiliates. These entities are considered a group due to the provisions of the stockholders agreement between these parties described under "Related Party
Transactions." Even though we are a "controlled company," we are fully compliant with the New York Stock Exchange rules for non-controlled companies. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>12</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ce16201_director_candidates."> </A>
<A NAME="toc_ce16201_9"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Director Candidates. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;When considering new candidates for our Board of Directors, the Nominating and Corporate Governance Committee uses the network of contacts of
the Board of
Directors to compile potential candidates, but may also engage, if it deems appropriate, a professional search firm. The committee considers whether the nominee would be independent and considers the
candidate's diversity in relation to the then existing Board, potentially including age, gender, ethnicity, geography, business experience or expertise or other factors. The Nominating and Corporate
Governance Committee will consider director candidates recommended by stockholders pursuant to procedures outlined below. Stockholder proposals for nominees should be addressed to our Corporate
Secretary, Penske Automotive Group, 2555 Telegraph Road, Bloomfield Hills, MI 48302. The committee's evaluation of stockholder-proposed candidates will be the same as for any other candidates. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Director
candidate submissions are to include:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> sufficient biographical information concerning the recommended individual, including age, employment history with employer names and
description of the employer's business </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> whether such individual can read and understand financial statements </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> a list of
current and previous board memberships and other affiliations of the nominee </FONT><FONT SIZE=2>
 </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> a description of the specific experience, qualifications, attributes or skills that led to the conclusion that the person should serve as a
director, in light of our business and structure </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> a written consent of the individual to stand for election and serve if elected by the stockholders </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> a statement of any relationships between the person recommended and the person submitting the recommendation </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> a statement of any relationships
between the candidate and any automotive or truck retailer, manufacturer or supplier, as well as any other
transportation business or any business that could be deemed to compete with the Company </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> proof of ownership by the person submitting the recommendation of at least 500 shares of our
common stock for at least one year </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
will consider recommendations received by November&nbsp;19, 2020 for nomination at the 2021 annual meeting of stockholders. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ce16201_location_of_corporate_governance_documents."> </A>
<A NAME="toc_ce16201_10"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Location of Corporate Governance Documents. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our corporate governance guidelines and the other documents referenced in this section are posted on our website,
www.penskeautomotive.com, under the sub-heading
"Governance" within the "Investor Relations" section. We have also adopted a Code of Business Conduct and Ethics that applies to all of our employees and directors. We intend to disclose waivers, if
any, for our executive officers or directors from the code, and changes to the code, on our website. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ce16201_stockholder_nominations_and_proposals_for_2021."> </A>
<A NAME="toc_ce16201_11"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Stockholder Nominations and Proposals for 2021. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We must receive any proposals submitted pursuant to Rule&nbsp;14(a)-8 of the SEC proxy rules intended to be
presented to stockholders at our 2021 annual meeting
of stockholders at our principal executive offices at 2555 Telegraph Road, Bloomfield Hills, Michigan 48302 for inclusion in the proxy statement by November&nbsp;19, 2020. These proposals must also
meet other requirements of the rules of the SEC relating to stockholder proposals. Stockholders who intend to present an item of business at the annual meeting of stockholders in 2021 (other than a
proposal submitted for inclusion in our proxy statement) must follow the procedures set forth in our bylaws and provide us notice of the business no later than February&nbsp;12, 2021. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ce16201_corporate_social_responsibility."> </A>
<A NAME="toc_ce16201_12"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Corporate Social Responsibility. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We recognize we are accountable to key stakeholders and the communities in which we do business. We focus our environmental, social
and governance efforts where
we can have the most positive impact on our business and society, including issues related to community investment, environmental sustainability, human capital, and investor outreach. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Central
to our mission are the core values of ethics, integrity, transparency, professionalism, teamwork and exceeding the expectations of our </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>13</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>customers
and employees. Our commitment to Corporate Social Responsibility is driven by these core values as we aim to conduct our business in ways that enrich the communities where we work and live,
focus on the environment and safety, and provide a workplace that is safe, inclusive and diverse. We are committed to responsible business practices and continuous improvement of our operations and
our relationships with our employees and the communities in which we live and work. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>Privacy</B></FONT><FONT SIZE=2> We aim to be transparent about the information we collect from our customers. We also want individuals to be informed about what we do with
their information and allow them to fully exercise their rights in regards to that information. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>Community</B></FONT><FONT SIZE=2> We encourage our local businesses to support local communities through philanthropic endeavors, similar to our corporate office. We support a
variety of organizations, including Toys for Tots, The Humane Society, Habitat for Humanity, as well as local food banks, hospitals, and school districts. Over the last five years, we have held
national campaigns to support The Paralyzed Veterans of American, donating more than $1.0&nbsp;million in 2019 through contributions solicited from customers, employees and our own contributions. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>Environment, Climate Change and Safety</B></FONT><FONT SIZE=2> We are committed to maintaining a safe environment for our employees, customers and business partners. We also
seek to determine the impact of climate change on our businesses and the impact of our businesses on climate change. In addition to the sale and service of a variety of hybrid and electric-powered
low-emission vehicles, our efforts to maintain a safe environment and mitigate our effects on climate change include:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Partnerships with environmental and safety consulting and auditing firms to assure best practices in environmental and safety management. </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT
SIZE=2> Selected newer facilities are constructed using environment-friendly features such as LED fixtures, occupancy sensors, low-E glass, low flow
toilets, motion sensors for sinks, high efficiency HVAC equipment, including web-based energy management systems, programmable thermostats and LEED-certified building materials. </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>
Selected existing facilities have been retrofitted with LED lighting, reducing our energy usage. </FONT><FONT SIZE=2>
 </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Recycling certain electronic equipment and vehicle waste products, such as recycled oil. </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Significant reduction of the
 paper usage in our hiring process, employee handbooks and annual benefit enrollment process as well as replacing
customer paperwork with electronic formats in certain markets. </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>Human Capital</B></FONT><FONT SIZE=2> Human capital is our most important asset. We foster and support the wellness of our employees to create a healthier company, improve
workplace satisfaction and provide value to our shareholders. In that regard:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> We provide an annual confidential employee engagement survey for most employees. </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Now in its fifteenth year, we sponsor a program
through the National Automobile Dealers Association designed to train high-potential employees. </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> We focus on hiring veterans. Since 2014, we have hired more than 745 individuals through
support of the Hiring Our Heroes program in the United
States </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> In 2019, 33 of our U.S. dealerships were named by Automotive News to the 'Top 100 Dealerships to Work For'. Additionally, Fortune Magazine has
recognized Penske Automotive Group as a World's Most Admired Company. </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> In the U.K., we were named 2019 'Dealer Group of the Year' by both Automotive Management and Motor Trader Magazines,
 consolidating our position
as the UK's largest and most successful dealer group. In the U.K., we have been named by Glassdoor as the 14<SUP>th</SUP>&nbsp;Best Place To Work. We were not only the highest-ranked business in
the Automotive Sector, our company was the top-rated retailer ahead of other large national businesses. </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> We have a zero-tolerance approach to slavery and human trafficking in our
operations. We support the California Transparency in Supply Chains
Act of 2010 and the United Kingdom's Modern Slavery Act of 2015 and their intent to prevent and eliminate slavery and human trafficking from global supply chains by increasing transparency. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>14</FONT></P>

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  <FONT SIZE=5>  Proposal 2&nbsp;&#151; Approval of our 2020 Equity Incentive Plan</FONT> <FONT SIZE=2></font>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
following is a description of the material features of the 2020 Equity Incentive Plan. This description is qualified in its entirety by reference to the full text of the 2020 Equity Incentive
Plan, a copy of which is attached to this proxy statement as Appendix&nbsp;A. </FONT></P>


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Summary  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In light of the expiration of our 2015 Equity Incentive Plan on May&nbsp;5, 2020, our stockholders are being asked to approve the 2020 Equity Incentive Plan
(the "Equity Incentive Plan") which will be used to award incentive cash and equity compensation to our management and board of directors. Both our Compensation and Management Development Committee
and Board of Directors have approved the Equity Incentive Plan, subject to stockholder approval at the annual meeting. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>This
plan provides up to 5.0&nbsp;million shares for equity awards, and terminates once all awards have been issued, unless our Board of Directors terminates it prior to that date. In the last three
years, we have granted a gross amount of 1,237,937 incentive equity awards, which represents an average annual rate of shares issued as compared to shares outstanding of approximately 0.50%. </FONT></P>

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General  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Upon adoption by stockholders at the annual meeting, the Equity Incentive Plan will authorize 5.0&nbsp;million shares of our common stock for issuance as
incentive awards. Incentive awards under the Equity Incentive Plan may be in the form of cash, stock options, stock appreciation rights, restricted stock, restricted stock units, performance
compensation awards or common stock. If an incentive award expires, terminates or is forfeited without the issuance of shares, then such shares will again be available for grant under the Equity
Incentive Plan. However, shares that participants use to pay taxes or option exercise prices will not be recycled for new awards. Adjustments will be made in the aggregate number of shares that may be
issued under the Equity Incentive Plan in the event of a change affecting shares of our common stock, such as a stock dividend or split, recapitalization, reorganization, or merger. No more than
1,000,000 shares may be allocated for incentive awards to any one participant during any single calendar year. As of March&nbsp;17, the closing price of a share of our common stock was $26.57. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Administration and Term.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our Compensation and Management Development Committee will administer the Equity Incentive Plan, including the power to determine when to
grant incentive awards; which eligible participants will receive incentive awards; whether the award will be an option, stock appreciation right, restricted stock, restricted stock unit, cash award or
company common stock; whether awards will be subject to performance goals; and the number of shares or units to be allocated to each incentive award. The committee may impose conditions on the
exercise of options and stock appreciation rights and upon the transfer of restricted stock or restricted stock units under the Equity Incentive Plan and may impose such other restrictions and
requirements as it may deem
appropriate, including reserving the right for us to reacquire shares issued pursuant to an incentive award. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
committee has delegated limited authority to the Company's CEO to grant equity awards to the company's non-executive officer employees. The committee delegated this authority in order to permit
the CEO to award limited equity grants without the specific action of the committee. Pursuant to this delegation, the CEO has had the discretion to make a maximum of 50,000 awards, which authority has
been renewed from time to time. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Equity Incentive Plan will terminate once all shares reserved for issuance have been issued, unless our Board of Directors terminates it prior </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>15</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>to
that date. Incentive awards existing after the termination date will continue to be governed by the terms and conditions of the Equity Incentive Plan. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Eligibility.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All present and future employees, directors and other company contributors (such as consultants and advisors) are eligible to receive incentive awards
under the Equity Incentive Plan if selected for participation by our Compensation and Management Development Committee. As of March&nbsp;17, approximately 27,000 employees, directors and company
contributors were eligible to receive incentive awards under the Equity Incentive Plan. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Restricted Stock and Restricted Stock Units.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Restricted stock and restricted stock units issued pursuant to the Equity Incentive Plan are subject to the following
general restrictions: (1)&nbsp;no such shares or units may be sold, transferred, pledged, or otherwise encumbered or disposed of until the restrictions on such shares or units have lapsed or been
removed under the provisions of the Equity Incentive Plan and (2)&nbsp;if a holder of restricted stock or restricted stock units ceases to be employed by us or one of our affiliates or ceases to be
a company contributor, any shares of restricted stock, or restricted stock units, on which the restrictions have not lapsed or been otherwise removed will be forfeited. The committee is also
authorized to impose other terms on restricted stock or restricted stock units, including additional events of forfeiture. The committee will establish the terms and conditions upon which the
restrictions on those shares or units will lapse; provided that, unless otherwise specified in an award, the period of restriction must be at least one year from the date of grant. The terms and
conditions may include, without limitation, the lapsing of those restrictions at the end of a specified period of time as a result of the disability or death of the participant, or as a
result of the occurrence of a change-in-control. In addition, the committee may at any time, in its sole discretion, accelerate the time at which any or all restrictions will lapse or remove any and
all restrictions. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Participants
holding shares of restricted stock may exercise full voting rights with respect to those shares and are entitled to receive all dividends and other distributions paid with respect to
those shares. Participants holding restricted stock units do not possess any voting rights with respect to those units, but are entitled to receive a payment equal all dividends and other
distributions paid with respect to the shares underlying those units if and as so provided in the related award agreement. Restricted stock units may be settled by the company in the form of shares of
company common stock, cash, or a fixed combination of both, as determined by the committee. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Stock Options.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Options granted under the Equity Incentive Plan may be incentive stock options (qualifying for favorable income tax treatment under
Section&nbsp;422 of the Internal Revenue Code of 1986, as amended) or non-statutory stock options. The option price for any option awarded under the plan may not be less than 100% (or, in the case
of an incentive stock option granted to a 10% stockholder, 110%) of the fair market value of the our common stock on the date of the grant. The committee determines any vesting requirement for option
awards. Payment of the option exercise price may be made in cash or as otherwise provided in an option award or by separate action of the committee. The maximum term of any option granted under the
plan is ten years. To date, no stock options have been issued pursuant to the expiring equity incentive plan. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Stock Appreciation Rights.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The committee may award stock appreciation rights under the Equity Incentive Plan and impose such conditions upon their exercise as it
deems appropriate. When the stock appreciation right is exercisable, the holder may surrender to us all or a portion of the unexercised stock appreciation right and receive in exchange an amount equal
to the difference between (i)&nbsp;the fair market value on the date of exercise of the common stock covered by the surrendered portion of the stock appreciation right and (ii)&nbsp;the fair
market value of the common stock on the date the stock appreciation right was awarded. The committee may limit the amount that can be received when a stock appreciation right is exercised. Our
obligation arising upon exercise </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>16</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>of
a stock appreciation right may be paid in the company's common stock or in cash, or in any combination of the two, as the committee may determine. Stock appreciation rights may only be exercised at
the times specified by the committee. To date, no stock appreciation rights have been granted under the expiring equity incentive plan. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Performance Goals.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The committee may make the vesting or exercisability of any incentive award contingent on the achievement of performance goals. The committee
may develop applicable performance goals using the following or other measurements: specified levels of or increases or decreases in revenue, return on equity, earnings per share, total earnings,
earnings growth, earnings from continuing operations, EBITDA, EBITDAR, return on capital/equity, return on assets, gross profit, earnings before interest and taxes, unit sales, unit sales growth,
gross or operating margin, cost reduction goals, fixed cost coverage measurements (including the ratio of service and parts revenues to operating costs), return on investment, increase in the fair
market value of our common stock, share price (including growth measures and total stockholder return), market capitalization, operating profit, profit margin, net income, cash flow (including
operating cash flow and free cash flow), financial return ratios, expense ratios, total return to stockholders, market share, earnings measures/ratios, balance sheet measurements (including debt to
equity ratios, maintenance of specified credit availability levels, compliance with credit covenants, inventory measurements and receivables/payables metrics), human resources measurements (including
measurements of employee turnover, workers' compensation costs and employee satisfaction), internal rate of return, unit sales, same store sales, specified levels of acquisitions/acquired revenue,
customer satisfaction and productivity and compliance objectives (including lack of material weakness in internal controls, each as determined in accordance with the relevant AICPA or PCAOB
principles), or as adjusted to omit the effects of extraordinary items, acquisitions or dispositions, the gain or loss on the disposal of a business segment, unusual or infrequently occurring events
and transactions, accruals for incentive awards under the Equity Incentive Plan and/or cumulative effects of changes in accounting principles. These criteria may relate to the Company, one or more of
its subsidiaries or one or more of its or their divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies
or indices, or any combination thereof, all as the committee shall determine. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Change-in-Control.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon a change in control of our Company, all outstanding options and stock appreciation rights will be exchanged for a cash payment equal to the
spread between the change in control price and the exercise price and all restricted stock and restricted stock units will immediately vest assuming, if applicable, that any performance goals were met
at the higher of 100% or the performance trend at the time of the change in control. However the Board or the Compensation and Management Development Committee may provide for alternative treatment
for some or all awards in its discretion. A change of control will be deemed to have taken place if any individual, entity or group other than the specified holders of common stock affiliated with
Penske Corporation become the beneficial owner of Company securities that constitute more than 50% of the combined voting power of the then outstanding securities of the Company that may be cast for
the election of directors to the Board of the Company (other than as a result of an issuance of securities initiated by the Company in the ordinary course of business). </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Transferability of Incentive Awards.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No incentive awards granted under the Equity Incentive Plan may be sold, transferred, pledged, or otherwise disposed of, other
than by will or by the laws of descent and distribution and all options and stock appreciation rights are exercisable during the participant's lifetime only by such participant or, if permissible
under applicable law, by the
participant's guardians or legal representatives, except that the committee, in its discretion, may permit the transfer of incentive awards to a family member or trust for no consideration. Upon the
death of a participant, the participant's personal </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>17</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>representative
or beneficiary may exercise the participant's rights, if any, under the plan. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Re-pricing Prior Awards.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except in connection with certain corporate transactions, the terms of outstanding incentive awards may not be amended to reduce the
exercise price of outstanding options or stock appreciation rights or cancel outstanding options or stock appreciation rights in exchange for cash, other incentive awards or options or stock
appreciation rights with an exercise price that is less than the exercise price of the original options or stock appreciation rights without stockholder approval. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Federal Income Tax Information.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the current federal income tax treatment of incentive awards that would be authorized to be
granted under the Equity Incentive Plan, based upon the current provisions of the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder. As the rules governing the tax
treatment of such awards are technical in nature, the following discussion of tax consequences is necessarily general in nature and does not purport to be complete. In addition, statutory provisions
are subject to change, as are their interpretations, and their application may vary in individual circumstances. This discussion does not address the tax consequences under applicable state and local
law. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Incentive Stock Options.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant generally will not recognize income on the grant or exercise of an incentive stock option. However, the difference between
the exercise price and the fair market value of the stock on the date of exercise is an adjustment item for purposes of the alternative minimum tax. If a participant disposes of the stock received
upon the exercise of an incentive stock option within certain specified periods (a "disqualifying disposition"), the participant will recognize ordinary income on the exercise of such incentive stock
option in the same manner as on the exercise of a nonqualified stock option, as described below. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Non-qualified Stock Options and Stock Appreciation Rights.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant generally is not required to recognize income on the grant of a nonqualified stock option
or a stock appreciation right. Instead, ordinary income generally is required to be recognized on the date the nonqualified stock option or stock appreciation right is exercised. In general, the
amount of ordinary income required to be recognized is (i)&nbsp;in the case of a nonqualified stock option an amount equal to the excess, if any, of the fair market value of the shares on the
exercise date over the exercise price and (ii)&nbsp;in the case of a stock appreciation right, the amount of cash and/or the fair market value of any shares received upon exercise. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Restricted Stock.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless a participant who receives an award of restricted stock makes an election under Section&nbsp;83(b) of the Internal Revenue Code of 1986,
as amended, as described below, the participant generally is not required to recognize ordinary income on the award of restricted stock. Instead, on the date the restrictions lapse and the shares vest
(that is, become transferable and no longer subject to forfeiture), the participant will be required to recognize ordinary income in an amount equal to the excess, if any, of the fair market value of
the shares on that date over the amount paid, if any for those shares. If a participant makes a Section&nbsp;83(b) election to recognize ordinary income on the date the shares are awarded, the
amount of ordinary income required to be recognized is an amount equal to the excess, if any, of the fair market value of the shares on the date awarded over the amount paid, if any for those shares.
In that case, the participant will not be required to recognize additional ordinary income when the restrictions lapse and the shares vest. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Restricted Stock Units.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant generally is not required to recognize income on the grant of a restricted stock unit. In general, on the date the units are
paid, the participant will be required to recognize ordinary income in an amount equal to the cash and/or the fair market value of the units on that date shares received as payment. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>18</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Company Common Stock.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant generally is required to recognize income on the date of grant of company common stock in the amount of the fair market value
of the stock received. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Gain or Loss on Sale or Exchange of Shares.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In general, gain or loss from the sale or exchange
of shares granted under the Equity Incentive Plan will be treated as capital gain or loss, provided that the shares are held as capital assets at the time of the sale or exchange. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Deductibility by Us.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We generally are not allowed a deduction in connection with the grant or exercise of an incentive stock option. However, if a participant is
required to recognize income as a result of a disqualifying disposition, we will be entitled to a deduction equal to the amount of ordinary income so recognized. In the case of a nonqualified stock
option, a stock appreciation right, restricted stock, restricted stock unit or common stock, in general, we will be allowed a deduction in an amount equal to the amount of ordinary income recognized
by a participant, provided that certain income tax reporting requirements are satisfied. However, due to Internal Revenue Code Section&nbsp;162(m), we are unable to take a deduction for compensation
(including incentive awards granted under the Equity Incentive Plan) paid to our named executive officers (and any other employees considered "covered employees" under Internal Revenue Code
Section&nbsp;162(m)) that is in excess of $1&nbsp;million. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Modification of Equity Incentive Plan.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors may amend, alter, or terminate the Equity Incentive Plan as it deems advisable, provided that our
stockholders must approve any amendment that is required to be approved by stockholders under the Internal Revenue Code, law, or stock exchange listing requirements, including, but not limited to,
amendments that would (i)&nbsp;materially increase the benefits accruing to participants under the Equity Incentive Plan, (ii)&nbsp;materially increase the number of shares of our common stock
that may be issued under the Equity Incentive Plan or (iii)&nbsp;materially modify the requirements of eligibility for participation in the Equity Incentive Plan. Incentive awards granted under the
Equity Incentive Plan may be amended with the consent of the participant so long as the amended award is consistent with the terms of the plan. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> New Plan Benefits.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Because awards under the Equity Incentive Plan are subject to the discretion of the Compensation and Management Development Committee, the
benefits and amounts that will be received or allocated in the future under the Equity Incentive Plan, as well as amounts that would have been received in the last fiscal year had the Equity Incentive
Plan been in effect, are not determinable. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Vote Required.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In order to be adopted, the Equity Incentive Plan must be approved by the affirmative vote of a majority of shares present and entitled to vote at
the meeting. Abstentions will have the same effect as votes cast against the proposal. If our stockholders do not approve the Equity Incentive Plan, we will be unable to make any incentive awards to
our management team, board of directors or others due to the expiration of our 2015 Equity Incentive Plan on May&nbsp;5, 2020. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" PROPOSAL&nbsp;2</B></FONT></P>

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Securities Authorized for Issuance Under Equity Compensation Plans  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The following table provides details regarding the shares of common stock issuable upon the exercise of outstanding options, warrants and rights granted under
our equity compensation plans (including individual equity compensation arrangements) as of December&nbsp;31, 2019. </FONT></P>
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<BR><BR><BR><BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Weighted-average<BR>
exercise price of<BR>
outstanding<BR>
options, warrants<BR>
and rights<BR>
(B)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR><BR><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR><BR><BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Number of securities remaining<BR>
available for future issuance<BR>
under equity compensation<BR>
plans (excluding securities<BR>
reflected in column (A))<BR>
(B)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR><BR><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Equity compensation plans approved by security holders</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2,259,169</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Equity compensation plans not approved by security holders</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2,259,169</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="cg16201_proposal_3__#151;_ratification__pro02669"> </A>
<A NAME="toc_cg16201_2"> </A>
    </font></p>    <div style="margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0 cellpadding=0
    cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



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  <FONT SIZE=5>  Proposal 3&nbsp;&#151; Ratification of the Selection of our Independent Auditor</FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Audit Committee has selected Deloitte&nbsp;&amp; Touche&nbsp;LLP, the member firm of Deloitte Touche Tohmatsu Limited, and their respective affiliates (collectively referred to as "Deloitte") as
our principal independent auditing firm for 2020. We have determined to submit the selection of auditors to stockholder ratification, even though it is not required by our governing documents or
Delaware law. If the selection of Deloitte as our independent auditor is not ratified by our stockholders, our Audit Committee will re-evaluate its selection, taking into consideration the stockholder
vote on the ratification and the advisability of selecting new auditors prior to completion of the 2020 audit. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Audit Committee is solely responsible for selecting, engaging and terminating our independent auditing firm, and may do so at any time at its discretion. It is anticipated that a representative of
Deloitte will be present at the annual meeting with the opportunity to make a statement and to answer appropriate questions. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>OUR BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" RATIFICATION OF DELOITTE&nbsp;&amp; TOUCHE&nbsp;LLP AS OUR INDEPENDENT AUDITOR</B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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 </FONT> <FONT SIZE=3><B>


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  </B></FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> <A NAME="ci16201_audit_committee_report"> </A>
<A NAME="toc_ci16201_1"> </A>
    </b></font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
    cellpadding=0 cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



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  <FONT SIZE=2><B>  AUDIT COMMITTEE REPORT </B></FONT><FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Audit Committee of the Board of Directors is responsible for providing independent, objective oversight of our accounting functions and internal controls as more fully discussed
above under "Our Corporate Governance." The Audit Committee has the sole authority to retain and terminate our independent auditing firm, and is responsible for recommending to the Board of Directors
that our financial statements be included in our annual report on Form&nbsp;10-K. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Audit Committee took a number of steps in making this recommendation for our 2019 annual report. The Audit Committee discussed with our independent auditing firm those matters required to be
discussed by the applicable requirements of the Public Company Accounting Oversight Board ("PCAOB") and the SEC, including information regarding their independence and the scope and results of their
audit. These communications and discussions were intended to assist the Audit Committee in overseeing the financial reporting and disclosure process. The Audit Committee also discussed the independent
auditing firm's independence and received the letters and written disclosures from the independent auditing firm required by the PCAOB. Finally, the Audit Committee reviewed and discussed the annual
audited financial statements with our management and the independent auditing firm in advance of the public release of operating results, and before the filing of our annual and quarterly reports with
the SEC. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Based
on the foregoing, and such other matters deemed relevant and appropriate by the Audit Committee, the Audit Committee recommended to the Board of Directors that our audited financial statements
be included in our 2019 annual report on Form&nbsp;10-K as filed with the SEC on February&nbsp;21, 2020. </FONT></P>


<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The Audit Committee of the Board of Directors</B></FONT><FONT SIZE=2><BR>
Greg C. Smith (Chair)<BR>
John D. Barr<BR>
Kimberly J. McWaters<BR>
Ronald G. Steinhart </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_ci16201_1_22"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


INDEPENDENT AUDITING FIRM FEES  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Deloitte&nbsp;&amp;
Touche&nbsp;LLP is our principal independent registered public accounting firm. We paid Deloitte&nbsp;&amp; Touche&nbsp;LLP the fees described below in 2019 and 2018, all of which
services were approved by our Audit Committee: </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Audit
Services:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> audits of our consolidated financial statements </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> audits of management's assessment of internal control over financial reporting
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> reviews of quarterly financial statements </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify">
<FONT SIZE=2> other services normally provided in connection with statutory or regulatory engagements </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Audit
Related Services:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> services in connection with registration statements filed with the Securities and Exchange Commission </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> acquisition due diligence
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> audits of benefit plans </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> consents and comfort letters </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>
accounting research and consultation
 </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Tax
Fees:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> services rendered by the independent auditing firms in connection with tax compliance, planning and advice, including in connection with
acquisitions </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>All
Other Fees:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> primarily related to software charges </FONT></DD></DL>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="96pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="96pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="20pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
 </TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE" SIZE=2><B> &#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE" SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 2019</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE" SIZE=2><B> &#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE" SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 2018</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE" SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Audit Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,218,042</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,002,019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audit Related Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>149,895</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>111,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Tax Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Compliance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>141,363</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>134,334</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Other Tax Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 304,268</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 206,972</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All Other Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Total Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,813,568</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,454,325</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Audit Committee has considered the nature of the above-listed services provided by Deloitte and determined that they are compatible with their provision of independent audit services under
relevant guidance. The Audit Committee has discussed these services with Deloitte and management and determined that they are permitted under the Code of Professional Conduct of the American Institute
of Certified Public Accountants, the auditor independence requirements of the Public Company Accounting Oversight Board, and the laws and regulations administered by the Securities and Exchange
Commission. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I> Pre-approval Policy.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has adopted a policy requiring pre-approval of all audit and non-audit services provided by Deloitte. The primary purpose
of this policy is to ensure that we engage our public accountants with a view toward maintaining independence. The Audit Committee is required to pre-approve all services relating to work performed
for us by Deloitte and related fees. The Audit Committee must also approve fees incurred for pre-approved services that are in excess of the approved amount. Pre-approval of audit and non-audit
services and fees may be given at any time up to a year before commencement of the specified service. The Chair of the Audit Committee may independently approve fees and services as long as they are
reviewed and ratified by the Audit Committee at its next regularly scheduled meeting. All of the services and related fees set forth above were approved by the Audit Committee in accordance with this
policy. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=32,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=1008651,FOLIO='22',FILE='DISK108:[20ZAD1.20ZAD16201]CI16201A.;8',USER='CHE109858',CD='18-MAR-2020;15:35' -->
<A NAME="page_ci16201_1_23"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="ci16201_proposal_4__#151;_advi__ci102083"> </A>
<A NAME="toc_ci16201_2"> </A>
    </font></p>    <div style="margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0 cellpadding=0
    cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



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  <FONT SIZE=5>  Proposal 4&nbsp;&#151; Advisory Vote on Executive Compensation</FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
annually seek a non-binding advisory vote on our executive compensation. Because your vote is advisory, it will not be binding upon the Compensation and Management Development Committee, however,
the committee will take the outcome of the vote into account when making future executive compensation decisions. Last year, our stockholders approved the compensation of our named executive officers
as described under "Compensation Discussion and Analysis" and "Executive Compensation" with over 99% of the votes cast by our stockholders voting in favor. As we evaluated our compensation programs
and practices, we were mindful of this strong shareholder support in deciding to maintain the overall framework of our compensation program and the majority of our compensation practices unchanged
from last year. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
compensation program is designed to motivate our executive officers to enhance long-term stockholder value and to attract and retain the highest quality executive and key employee talent
available. We believe our executive compensation is aligned with increasing the value of our common stock and promoting our key strategies, values and long term financial and operational objectives.
In this regard, we note that:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Mr.&nbsp;Penske beneficially owns approximately 35&nbsp;million shares of our common stock, which significantly aligns his interests with
the stockholders' interests </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> In the last several years, neither our Chief Executive Officer nor President has received an annual cash bonus as both only have received
restricted stock grants in lieu of a cash bonus </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> The named executive officers receive restricted stock grants with vesting provisions weighted towards the third and fourth years and are
subject to stock ownership requirements discussed below, which encourages long-term stock ownership </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> We do not have any employment agreements with our named executive officers and have
no agreements that provide for severance payments upon
termination of employment </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Our executive officers earn no additional retirement income under any supplemental executive retirement plan </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Executive officers are subject to a compensation recovery or "clawback" policy, which provides that we may recoup some or all of the executive
officer's incentive compensation as a result of certain detrimental conduct to encourage compliance with policies and appropriate behavior, and we prohibit our directors, officers and employees from
engaging in hedging with respect to our equity securities (as discussed above under "Our Corporate Governance") </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> We structure our compensation practices to be consistent with and support
sound risk management. Our compensation committee reviews risk
associated with our compensation policies and has determined such risk is not excessive </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>THE BOARD OF DIRECTORS BELIEVES THAT THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS IS APPROPRIATE AND RECOMMENDS A VOTE FOR THE FOLLOWING ADVISORY
RESOLUTION:</B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>"RESOLVED,
that the compensation paid to the Company's named executive officers, as disclosed pursuant to Item&nbsp;402 of Regulation&nbsp;S-K, including the Compensation Discussion and Analysis,
compensation tables and narrative discussion is hereby APPROVED." </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="ci16201_executive_officers"> </A>
<A NAME="toc_ci16201_3"> </A>
    </font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
    cellpadding=0 cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



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  <FONT SIZE=5>  Executive Officers</FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>For
2019, our named executive officers, whose compensation we describe below, are Messrs.&nbsp;Penske, Kurnick, Carlson, Denker, and Spradlin. Each of these executive officers were elected by the
Board of Directors and will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal from office. Biographies of Messrs.&nbsp;Kurnick and
Penske are set forth above. Biographies of our other named executive officers are provided below: </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>J.D. Carlson,</I></B></FONT><FONT SIZE=2> 50, has served as our Executive Vice President and Chief Financial Officer since June 2015 and prior to that served as our Senior Vice
President and Corporate Controller since May 2011. He previously served as our Vice President and Controller since joining our company in April 2006. Prior to joining us, Mr.&nbsp;Carlson was
Corporate Controller for Tecumseh Products. He was previously a Senior Manager for PricewaterhouseCoopers, an accounting and financial advisory services firm, which he joined in 1995. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>Bud Denker,</I></B></FONT><FONT SIZE=2> 61, has served as our Executive Vice President&nbsp;&#151; Human Resources since July&nbsp;1, 2015. Since September 2017, he also
has served as President of Penske Corporation, and he serves as Executive Vice President, Marketing and Communications of Penske Corporation as well as Executive Vice President of Penske Racing.
Mr.&nbsp;Denker served as our Executive Vice President&nbsp;&#151; Marketing from July 2005 to June 2015. Prior to joining us, Mr.&nbsp;Denker served as Vice President, Brand and Market
Development for Eastman Kodak Company from 2001-2005. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>Shane M. Spradlin</I></B></FONT><FONT SIZE=2>, 50, has served as our Executive Vice President since February 2010, our General Counsel since December 2007, and our Corporate
Secretary since March 2004. Mr.&nbsp;Spradlin joined our Company in March 2003. From 1999 to 2003, he served as Corporate Counsel to Nextel Communications in Reston, Virginia. From 1995 through
1999, Mr.&nbsp;Spradlin was an associate with the New York and Washington, D.C. offices of Latham&nbsp;&amp; Watkins, specializing in corporate finance and mergers and acquisitions. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Additional
corporate officers include: </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>George Brochick,</I></B></FONT><FONT SIZE=2> 70, has served as Executive Vice President of Strategic Development since July&nbsp;1, 2012. Prior to this, he served as Executive
Vice President of our Western Region since December 2002. He joined PAG in 1996 upon the sale of the former Sun Automotive Group to Penske Automotive. In addition to his current executive functions,
Mr.&nbsp;Brochick has held numerous dealership general manager positions throughout his automotive career. From 1977 to 1984, prior to entering the automobile business, Mr.&nbsp;Brochick served as
Vice President, Operations, for Southwest Kenworth,&nbsp;Inc. Mr.&nbsp;Brochick also held the position of Director, Marketing Services, for Euclid,&nbsp;Inc., a division of Daimler-Benz, A.G.,
with worldwide responsibilities for market research and technical field studies. Mr.&nbsp;Brochick has previously served as a Board Member of the American International Automobile Dealers
Association and is currently serving as a Board Member for the Duke University Board of Visitors. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>Richard A. Hook,</I></B></FONT><FONT SIZE=2> 45, has served as our Executive Vice President and Chief Information Officer since February&nbsp;13, 2019. Prior to that, he served
as our Senior Vice President and Chief Information Officer since May&nbsp;1, 2015, as well as Vice President, IT Infrastructure since July 2009. Before joining us in 2009, Mr.&nbsp;Hook held
various positions at Arthur Andersen&nbsp;LLP, H&amp;R Block Financial Advisors and Federal-Mogul Corporation. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>Shelley Hulgrave</I></B></FONT><FONT SIZE=2>, 41, has served as our Senior Vice President since February 2020 and our Corporate Controller since June 2015. She has also served as
our Corporate Accounting Manager beginning in October 2006 coordinating the company's accounting teams in the United States, Europe and Australia. Prior to joining us, Ms.&nbsp;Hulgrave held various
positions </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_ci16201_1_25"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>for
DaimlerChrysler Financial and Ernst&nbsp;&amp; Young. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>Aaron Michael</I></B></FONT><FONT SIZE=2>, 44, has served as our Senior Vice President, Financial Services since 2014 and has been our Treasurer since 2006. In his role as
Treasurer, he manages our capital structure and real estate portfolio. From 2001 through 2006, Mr.&nbsp;Michael was employed by Penske Corporation in various finance and treasury roles. Prior to
working with Penske, Mr.&nbsp;Michael was a commercial lender for Comerica Bank in its Detroit, MI office. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>Terri Mulcahey,</I></B></FONT><FONT SIZE=2> 54, has served as our Executive Vice President, Marketing and Business Development since July&nbsp;1, 2015. Prior to that,
Ms.&nbsp;Mulcahey served as our Senior Vice President, Marketing and Business Development from July&nbsp;1, 2012, and as our Vice President, Business Development from April&nbsp;9, 2007. Before
joining us, Ms.&nbsp;Mulcahey served in various roles at the Reynolds and Reynolds Company for 20&nbsp;years, including the role of Senior Vice President of Sales and Service for North America
operations. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>Anthony R. Pordon,</I></B></FONT><FONT SIZE=2> 55, has served as Executive Vice President since May 2011. Prior to that, Mr.&nbsp;Pordon served as Senior Vice President since
January 2006 and Vice President since July 2001. Mr.&nbsp;Pordon's primary responsibilities include Investor Relations, Corporate Communications, and Corporate Development, including the
responsibility for establishing, directing and maintaining our communication strategies and representation on Wall Street with the buy-side and sell-side analyst community. Prior to joining us,
Mr.&nbsp;Pordon served in various capacities at Detroit Diesel Corporation, a manufacturer of heavy-duty diesel engines. Prior to Detroit Diesel, Mr.&nbsp;Pordon was an auditor at
Deloitte&nbsp;&amp; Touche&nbsp;LLP. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="ci16201_compensation_committee_report"> </A>
<A NAME="toc_ci16201_4"> </A>
    </font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
    cellpadding=0 cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



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<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


  <FONT SIZE=5>  Compensation Committee Report</FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Compensation and Management Development Committee of the Board of Directors has reviewed and discussed the Compensation Discussion and Analysis set forth below with
management. Based on this review and these discussions with management, the committee has recommended to our Board of Directors that the Compensation Discussion and Analysis be included in this Proxy
Statement. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The Compensation&nbsp;&amp; Management<BR>
Development Committee of the Board of Directors  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>H.
Brian Thompson (Chair)<BR>
Lisa Davis<BR>
Wolfgang D&uuml;rheimer </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>25</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="ck16201_compensation_discussion_and_analysis"> </A>
<A NAME="toc_ck16201_1"> </A>
    </font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
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  <FONT SIZE=5>  Compensation Discussion and Analysis</FONT> <FONT SIZE=2></font>
</td>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_compensation_philosophy."> </A>
<A NAME="toc_ck16201_2"> </A></FONT> <FONT SIZE=2><B><I>    Compensation Philosophy. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than with respect to Messrs.&nbsp;Kurnick and Penske, the majority of our executive and employee
compensation is payable in cash in the short-term, and is
comprised principally of salary and cash bonuses. We use cash compensation as the majority of our compensation because we believe it provides the most flexibility for our employees and is less
dilutive to existing stockholders than equity compensation. The compensation committee also recognizes that stock prices may reflect factors other than long-term performance, such as general economic
conditions and varying attitudes among investors toward the stock market in general and toward automotive retail companies specifically. However, we also provide long-term compensation in the form of
restricted stock awards for senior employees, including each of our named executive officers. Our restricted stock program awards typically vest over four years, with 70% of any award vesting in the
third and fourth years. We believe this long term compensation helps to align management's goals with those of our other stockholders and provides a long-term retention inducement for our key
employees, as discussed below under the heading "Long Term Incentive Plans." </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_outside_advisors_and_consultants."> </A>
<A NAME="toc_ck16201_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Outside Advisors and Consultants. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our compensation committee has full access to any of our employees and has the authority to hire outside consultants and advisors
at its discretion, though it did
not do so in 2019. Notwithstanding management's participation in the executive compensation process, all named executive officer compensation determinations are made by the committee, using its
independent judgment and analysis. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_role_of_executive_officers."> </A>
<A NAME="toc_ck16201_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Role of Executive Officers. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee relies on our senior management to assist in fulfilling many of its duties, in particular our Executive Vice
President&nbsp;&#151; Human Resources and Chief Executive Officer, each of whom attends part of most committee meetings. These executives make recommendations concerning our compensation
policies generally, certain specific elements of compensation for senior management (such as equity awards and bonuses), and report to the committee as to company personnel and developments. Our Chief
Executive Officer also makes specific compensation recommendations concerning our other executive officers and certain other employees. Our Chief Executive Officer does not participate in determining
his own compensation. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_addressing_risk."> </A>
<A NAME="toc_ck16201_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Addressing Risk. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our compensation committee recognizes that any incentive based compensation arrangement induces an inherent element of risk taking by senior
management. We incent
management through annual discretionary bonuses, restricted stock grants and, in some cases, performance based bonuses. The committee assesses the risk related to our compensation policies for the
named executive officers and for the employees generally, and has determined that our compensation arrangements do not lend themselves to unnecessary or excessive risk taking. The committee believes
that any inherent risk is mitigated by the following factors:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Our compensation recovery policy noted below </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Our committee's negative discretion to reduce any performance based award
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Approximately 70% of the equity compensation we issue vests in the third and fourth years </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Rigorous internal and external
audits of our field and consolidated results </FONT><FONT SIZE=2>
 </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Our commitment to full compliance with our code of conduct </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Thorough investigation of all fraud and financial-related
 complaints, including those received on our anonymous hotline </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
responsibilities of the compensation committee and committee member independence are described under "Our Corporate Governance" beginning on page&nbsp;7. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_compensation_recovery_(_clawback_)_policy."> </A>
<A NAME="toc_ck16201_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Compensation Recovery ("Clawback") Policy. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have a policy regarding the recovery of unfairly earned compensation. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>26</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Under
the policy, if our Board determines that a member of management earned performance based compensation or incentive compensation within the last three years due to fraud, negligence or
intentional misconduct, and such conduct was a significant contributing factor to our restating our financial statements or the reporting of material inaccuracies relating to financial reporting or
other performance metrics used in those awards, our Board has the discretion to cause that employee to repay and/or forfeit all compensation that was expressly conditioned upon the achievement of the
misreported financial results. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_equity_award_approval_policy."> </A>
<A NAME="toc_ck16201_7"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Equity Award Approval Policy. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have an equity award approval policy which requires that all equity awards be approved by the committee and that the grant date of
all awards except those
discussed below shall be the date of the approval by the committee. As part of that policy, the compensation committee delegated to our Chief Executive Officer the authority to grant awards of up to
an aggregate of 50,000 shares of our common stock (or stock equivalents) for new hires or spot awards, other than to executive officers, provided that the awards are reported to the committee at its
next meeting. Our compensation committee believes that this delegation of authority allows us to meet our ongoing business needs in a practical manner. Our Chief Executive Officer approved awards for
1,936 shares under that authority in 2019, which awards were ratified by the committee. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_stock_ownership_guidelines."> </A>
<A NAME="toc_ck16201_8"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Stock Ownership Guidelines. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our stock ownership guidelines are designed to align our management and Board members' interests with our stockholders. The guidelines
require that officers and
directors own the following levels of common stock, expressed as a multiple of base salary. </FONT></P>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Non-employee
board members are required to own common stock equal to ten times our annual retainer (currently, $40,000&nbsp;&times;&nbsp;10&nbsp;= $400,000). Directors and officers have
five years from appointment to reach the minimum ownership level, though our policy allows extensions at the discretion of the Chair and Lead Director. These guidelines exclude any shares that are
pledged by any of our directors and officers, and also include any shares of restricted stock held by the officer or director. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_determination_of_compensation_amounts."> </A>
<A NAME="toc_ck16201_9"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Determination of Compensation Amounts. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee reviews and determines all aspects of compensation for our named executive officers. In making
decisions regarding non-CEO
compensation, the committee receives input from our Chief Executive Officer. The committee believes that solely using annual quantitative performance measurements does not create the appropriate
balance of incentives to build long-term value. Thus, the committee evaluates a broad range of qualitative factors, including reliability, a track record of integrity, good judgment, foresight and the
ability to lead others. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
committee reviews salary adjustments with a view to maintaining external compensation competitiveness. We annually benchmark competitiveness of our total compensation against a group of publicly
traded automotive retailers (Asbury Automotive Group, AutoNation, CarMax, Group 1 Automotive, Lithia Motors and Sonic Automotive). While we benchmark our compensation, we do not target a specific
quartile of pay for our named executive officers as compared to our peers. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
addition to the above mentioned factors, the level of compensation that we pay to Messrs.&nbsp;Denker and Kurnick reflect that each devotes a percentage of his time to affiliated companies for
which they receive additional compensation from Penske Corporation. Specifically, Mr.&nbsp;Kurnick serves as Penske Corporation's Vice Chair and Mr.&nbsp;Denker serves as the President of Penske
Corporation. Our committee does not track the exact percentage of time spent on Penske Automotive versus affiliated matters, recognizing that the amount varies from year to year, but it is generally </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>27</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>expected
that each will spend approximately 75% of his time on Penske Automotive matters. We were reimbursed approximately four percent of Mr.&nbsp;Spradlin's base salary by Penske Corporation to
reflect his efforts on behalf of Penske Corporation. The full amount of Mr.&nbsp;Spradlin's base salary is shown in the table below. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Our Compensation Program.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our compensation program primarily consists of four elements:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Base salary </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Annual discretionary cash bonus payments </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Restricted
stock awards </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Employee health and welfare plan participation and other benefits, such as a vehicle allowance </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_base_salary."> </A>
<A NAME="toc_ck16201_10"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Base Salary. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The salaries of our named executive officers are determined by scope of job responsibility, experience, individual performance, historical salary
levels and the
benchmarking information discussed above. The committee approves salary levels for named executive officers and certain key employees in order to maintain external compensation competitiveness using
the benchmarks noted above, and to reflect the performance of those employees in the prior year and to reflect any change in the employee's responsibilities. The evaluation of the individual's
performance is based upon the committee's subjective perception of that individual's performance, based in large part on input from our Chief Executive Officer with respect to each of the other named
executive officers, and the factors noted above under "Determination of Compensation Amounts." </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
committee also considers our Company-wide performance in the prior year and general economic factors when setting base salary levels for each of the named executive officers. The items of
corporate performance that are considered for our named executive officers are the same as those with respect to the award detailed below under "Long-Term Incentive Plans." Our compensation committee
uses these factors in a subjective evaluation to gauge Company performance, keeping in mind the impact of the general performance of the automotive retail industry. Beginning January 2020,
Messrs.&nbsp;Carlson, Denker and Spradlin's salaries were each increased $25,000 resulting from the Committee's review of these factors. Each now receives a salary of $600,000. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_annual_bonus_payments."> </A>
<A NAME="toc_ck16201_11"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Annual Bonus Payments. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our senior management is eligible to receive annual discretionary cash bonus payments. In the past several years, our Chief Executive Officer
and President have
not received any discretionary bonus payments, and instead receive only the restricted stock grants resulting from their achievement of performance goals, as described below under "Long-Term Incentive
Plans." We pay annual cash bonuses to our other named executive officers to provide an incentive for future performance and as a reward for performance during the prior year. These discretionary bonus
payments are determined in varying degrees based on three criteria:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Company-wide performance in the prior year </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Evaluation of an individual's performance in the prior year </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> Evaluation of the annual performance of an individual's business unit in the prior year </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
items of Company-wide performance that are considered for our named executive officers are the same as those detailed below under "Long-Term Incentive Plans." Our compensation committee uses these
factors in a subjective evaluation to gauge Company performance, keeping in mind the impact of the overall performance of the business sectors in which we compete. The evaluation of the individual's
performance and the performance of the individual's business unit is based on the committee's perception of that performance, based in part on input from our Chief Executive Officer and the factors
noted above under "Determination of Compensation Amounts." The amount of cash bonuses paid to Messrs.&nbsp;Carlson, Denker and Spradlin are set forth in the "Bonus" column of the Summary
Compensation Table below. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>28</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_restricted_stock_awards."> </A>
<A NAME="toc_ck16201_12"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Restricted Stock Awards. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each member of senior management, including each of the named executive officers, is eligible to receive a restricted stock award because
we believe these awards
effectively align management's goals with those of our other stockholders. Restricted stock grants for management typically vest over four years at a rate of 15%, 15%, 20% and 50% per year, and are
subject to forfeiture in the event the employee departs from the Company before vesting. We believe these awards provide a longer-term incentive for management because the majority of the award vests
in the third and fourth year. We employ this form of compensation in part because many of our initiatives may take several years to yield benefits. We also believe that weighted vesting of these
awards provides an additional incentive to retain our valuable employees due to the unvested value that may be created over time. Our restricted stock awards mirror our other outstanding stock,
including the right to vote with our other stockholders and receive dividends. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
2019 and 2020, each of our named executive officers received restricted stock awards resulting from achievement of the long term incentive plan awards discussed below. In total in 2019, the
committee approved the grant of approximately 546,963 equity incentive awards under our 2015 Equity Incentive Plan (representing approximately 0.7% of our current outstanding equity), including all of
the awards to our named executive officers. Our 2015 Equity Incentive Plan provides up to four million shares for equity awards and terminates on May&nbsp;5, 2020. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_other_compensation."> </A>
<A NAME="toc_ck16201_13"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Other Compensation. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We may also provide our named executive officers, and certain other employees, with selected other benefits or perquisites in order to attract
and retain them.
With respect to health and welfare benefits, the committee believes that our employees should receive a meaningful benefit package commensurate with those of other automotive retailers, recognizing
the increasing cost of those benefits in recent years. We also provide our U.S. employees with company matching under our 401(k) plan. The amounts received by the named executive offers in this regard
are set forth in the "All Other Compensation" column of the "Summary Compensation" table below </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
named executive officers, as well as other eligible employees, may defer up to 50% of their base salary and up to 100% of their bonus compensation pursuant to the Penske Automotive
Group,&nbsp;Inc. Deferred Compensation Plan, effective January&nbsp;1, 2018 (the "DCP"). The DCP is an unfunded, non-qualified deferred compensation plan which provides the opportunity to
accumulate additional savings for retirement on a tax deferred basis. The Company does not match funds deferred through this plan. Additional details regarding our DCP can be found below in the
"Nonqualified Deferred Compensation" table. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
named executive officers and directors are also provided with an automobile allowance or the use of a company vehicle. From time to time, we may provide other benefits to certain members of
our senior management. We have valued these benefits in the "All Other Compensation" column of the "Summary Compensation" table below based on our cost. We review these benefits on a case-by-case
basis and believe, if limited in scope, such benefits can provide an incentive to long term performance and help retain our valuable employees. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="ck16201_no_employment_agreements_or_pr__no_02527"> </A>
<A NAME="toc_ck16201_14"> </A>
<BR></FONT><FONT SIZE=2><B><I>    No Employment Agreements or Pre-arranged Severance Compensation. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of our current executive officers have been provided an employment agreement, nor are they
entitled to any pre-arranged severance compensation. We believe
our mix of short-term and long-term compensation provides a retention incentive that makes an employment contract unnecessary, while providing us flexibility with respect to managing the departure of
an executive officer. Our lack of pre-arranged severance compensation is consistent with our performance based compensation philosophy, and provides us the flexibility to enter into post-employment
arrangements based on circumstances existing upon departure. We have historically entered into varying types of severance arrangements with departing members of our senior management, which have
included vesting of restricted stock and </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=39,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=260604,FOLIO='29',FILE='DISK108:[20ZAD1.20ZAD16201]CK16201A.;11',USER='CHE109858',CD='18-MAR-2020;15:35' -->
<A NAME="page_ck16201_1_30"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>consulting
agreements, as we believe it may be important to have continuing access to these individuals' knowledge base and guidance. In the event we employ consulting agreements, we have typically
obtained a non-compete agreement with these individuals. With respect to a change in control, none of our current executive officers have been guaranteed any change of control payments, however, our
outstanding restricted stock grants provide that in the event of a change of control, the award will vest. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>Long Term Incentive Plans</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our compensation committee established 2019 performance targets for a performance based award for each of named
executive officers in February 2019. The payouts are set forth in the table below and were paid in shares of restricted stock in February 2020 as set forth below. During 2019, the company faced
macroeconomic challenges, particularly in its U.K. operations, from the continued delays in Brexit which led to declining consumer confidence and an oversupply of both new and used vehicles in the
market. Further, changing consumer preferences with respect to government driven policies regarding diesel-powered vehicles also resulted in an over-supply of used vehicles in the market.
Messrs.&nbsp;Carlson, Denker and Spradlin achieved 41% of the performance targets noted below, which underperformance we believe results significantly from these events. Messrs.&nbsp;Kurnick and
Penske achieved 31% of the performance targets noted below. However, in addition to the considerations above, the compensation committee believes that the underperformance for the customer
satisfaction objective noted below was due to product issues with one brand, which was not subject to the influence of our management and therefore determined to pay out this objective at the full
10%. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
compensation committee has approved the payments noted below, which are below the threshold payments noted below, considering the extraordinary nature of the circumstances leading to the result,
managements' efforts in 2019, Company retention concerns and considering that the Chief Executive Officer and President received no bonus with respect to 2019 other than this award. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
amount of restricted stock noted below granted in February 2020 and vesting over a four year period was calculated by dividing the total award achieved by our average closing stock price for each
trading day in 2019 ($46.1127). Messrs.&nbsp;Kurnick and Penske did not receive an annual cash bonus because they each received this restricted stock grant. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


2019 Long Term Incentive Award Amounts  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"150%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="150%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="82pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="82pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="82pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="82pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="56pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Name and Principal Position</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Threshold<BR>
($)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Target<BR>
($)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Maximum<BR>
($)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Payment<BR>
($)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Payment<BR>
(Shares)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 5,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 7,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2,050,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 44,456</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Robert H. Kurnick, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 410,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 8,891</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
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&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
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&nbsp;</FONT></TD>
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</FONT></TD>
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</FONT></TD>
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&nbsp;</FONT></TD>
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</FONT>
</TD>
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</FONT>
</TD>
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&nbsp;</FONT></TD>
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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 J.D. Carlson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 250,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 750,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 205,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 4,446</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President&nbsp;&amp; Chief Financial Officer</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



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</FONT>
</TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
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<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
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<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Bud Denker</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 250,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 750,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 205,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 4,446</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President&nbsp;&#151; Human Resources</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
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<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Shane M. Spradlin</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 250,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 750,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


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</FONT></TD>
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 205,000</FONT></TD>
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</FONT>
</TD>
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</FONT>
</TD>
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 4,446</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Executive Vice President, General Counsel&nbsp;&amp; Secretary</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
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</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
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 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=40,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=695069,FOLIO='30',FILE='DISK108:[20ZAD1.20ZAD16201]CK16201A.;11',USER='CHE109858',CD='18-MAR-2020;15:35' -->
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A> </FONT></P>


<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=3><B>


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2019 Long Term Incentive Award Objectives  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The specific 2019 performance objectives for Messrs.&nbsp;Kurnick and Penske were as follows: </FONT></P>
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<TD WIDTH="88pt" style="font-family:arial;"></TD>
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<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="74pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Objective</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


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 </B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Result</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


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</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


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<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>% of Award</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


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 </B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


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<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Achievement</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


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 </B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>EBITDA (earnings before
interest, taxes, depreciation and amortization) of $881.5&nbsp;million (100% attainment), EBITDA below $818&nbsp;million results in no attainment, EBITDA of $818&nbsp;million results in 50% attainment, and EBITDA of $923&nbsp;million yields 200%
attainment.(1)</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 $825.3</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 20</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


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</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 11</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


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</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Compliance with the
covenants in our U.S. and U.K. credit facilities</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>Compliant</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Comparative earnings per
share of $5.46 to $5.66 (100% attainment), EPS of $5.34 to $5.45 (50% attainment) and EPS over $5.66 (200% attainment)</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 $5.28</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 0</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Operating margin of 2.99%
to 3.18% (100% attainment), operating margin of 2.88% to 2.98% (50% attainment) and above 3.18% (150% attainment)(2)</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>2.82</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>0</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Common stock price
performance exceeds performance of 5 of 8 selected peer group companies during 2019 (100% attainment). Outperformance of 4 of 8 yields 50% attainment, 6 of 8 yields 125% attainment, 7 of 8 yields 150% attainment and 8 of 8 yields 200% attainment(3)
</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2 of 8</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 0</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Customer satisfaction
scores exceed manufacturer objectives at 90% of our U.S. franchises</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>(4)</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>(4</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>)</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>No material weaknesses in
our internal controls</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 None</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Reduce selling, general
and administrative expense as a percentage of gross profit by more than 100 basis points (100% attainment). Reduction below 10 basis points results in no attainment, reduction of 10 to 50 basis points results in 25% attainment, reduction of 51 to 75
basis points results in 50% attainment and reduction of 76 to 100 basis points results in 75% attainment</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>Increase of 39&nbsp;bps</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>0</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Same-store revenue growth
of 1.51% to 2.5% (100% attainment). Growth of 1% to 1.5% results in 50% attainment, and growth above 2.51% yields 150% attainment.</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#150;.7%</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 0</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>41</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:12%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Performance
between these amounts yields pro rata attainment.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Operating
margin is the ratio of operating income to total revenue.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
peer group companies for this purpose are Asbury Automotive, AutoNation, CarMax, Lithia Automotive, Group 1 Automotive, Sonic Automotive, Ryder and
Pendragon&nbsp;PLC (U.K.).
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>This
objective was not met. However, the compensation committee believes that the underperformance for this objective was due to product issues with one brand which
was not subject to the influence of our management and therefore determined to pay out this objective at the full 10%.  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The specific 2019 performance objectives for Messrs.&nbsp;Carlson, Denker and Spradlin were the same as those set forth above, except for the omission of the customer
satisfaction objective, which percentage amounts were instead allocated evenly to the covenant compliance and the internal controls objectives. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


</B></FONT><FONT SIZE=3><B>2020 Long Term Incentive Award Amounts  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In February 2020, the committee established similar performance based awards for our named executive officers in the amounts specified below to be paid in
shares of restricted stock to be granted in 2021 calculated by dividing the resulting total award achieved by the average PAG closing stock price for each trading day in 2020. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="68pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="82pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Name and Principal Position</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Target ($)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Maximum ($)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 5,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 7,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Robert H. Kurnick, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 J.D. Carlson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 750,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Executive Vice President&nbsp;&amp; Chief Financial Officer</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Bud Denker</FONT></TD>
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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
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 500,000</FONT></TD>
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</FONT>
</TD>
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</FONT>
</TD>
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 750,000</FONT></TD>
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</TR>
<TR VALIGN="TOP">
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 Executive Vice President&nbsp;&#151; Human Resources</FONT></TD>
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</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
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&nbsp;</FONT></TD>
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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
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</FONT>
</TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Shane M. Spradlin</FONT></TD>
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</FONT>
</TD>
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</FONT></TD>
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 500,000</FONT></TD>
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</FONT></TD>
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</FONT>
</TD>
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 750,000</FONT></TD>
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 Executive Vice President, General Counsel&nbsp;&amp; Secretary</FONT></TD>
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</FONT></TD>
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</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=42,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=959642,FOLIO='32',FILE='DISK108:[20ZAD1.20ZAD16201]CO16201A.;27',USER='CHE109858',CD='18-MAR-2020;15:36' -->
<A NAME="page_co16201_1_33"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
performance objectives for these awards are as follows: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:75%;margin-left:12%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="74pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Objective</B></FONT></TD>
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</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


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<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>% of Award</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>EBITDA (earnings before
interest, taxes, depreciation and amortization) of $831.8&nbsp;million (100% attainment), EBITDA below $771.8&nbsp;million results in no attainment, EBITDA of $771.8&nbsp;million results in 50% attainment, and EBITDA of $870.9&nbsp;million yields
200% attainment.(1)</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 20</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Compliance with the
covenants in our U.S. and U.K. credit facilities</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Comparative earnings per
share of $5.52 to $5.77 (100% attainment), EPS of $5.28 to $5.51 (50% attainment) and EPS over $5.77 (200% attainment)</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Operating margin of 2.89%
to 2.93% (100% attainment), operating margin of 2.82% to 2.84% (50% attainment), operating margin of 2.85% to 2.88% (75% attainment) and above 2.93% (200% attainment)(2)</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Common stock price
performance exceeds performance of 5 of 8 selected peer group companies during 2020 (100% attainment). Outperformance of 4 of 8 yields 50% attainment, 6 of 8 yields 125% attainment, 7 of 8 yields 150% attainment and 8 of 8 yields 200% attainment(3)
</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Customer satisfaction
scores exceed manufacturer objectives at 90% of our U.S. franchises</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>No material weaknesses in
our internal controls</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>Component is discretionary
in the determination of our Compensation and Management Development Committee</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>20</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Total</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 100</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


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</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:12%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Performance
between these amounts yields pro rata attainment.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Operating
margin is the ratio of operating income to total revenue.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
peer group companies for this purpose are Asbury Automotive, AutoNation, CarMax, Lithia Automotive, Group 1 Automotive, Sonic Automotive, Ryder and
Pendragon&nbsp;PLC (U.K.).  </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=43,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=107951,FOLIO='33',FILE='DISK108:[20ZAD1.20ZAD16201]CO16201A.;27',USER='CHE109858',CD='18-MAR-2020;15:36' -->
<A NAME="page_co16201_1_34"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="co16201_executive_compensation"> </A>
<A NAME="toc_co16201_1"> </A>
    </font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
    cellpadding=0 cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



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  <FONT SIZE=5>  Executive Compensation</FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
following table contains information concerning 2019 annual and long-term compensation for our Chief Executive Officer, Chief Financial Officer and each of our three other most highly compensated
named executive officers, collectively referred to as the "named executive officers." For a discussion of our methodology in valuing the items set forth under "All Other Compensation," see
"CD&amp;A&nbsp;&#151; Other Compensation." </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=3><B>2019 Summary Compensation Table  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:62%;margin-left:10%;">
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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="55pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="40pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="55pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="74pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="55pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">



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</FONT> <FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Name and Principal Position</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Year</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Salary<BR>
($)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Bonus<BR>
($)</B></FONT></TD>
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<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Stock<BR>
Awards<BR>
($)(1)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>All Other<BR>
Compensation<BR>
($)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Total<BR>
($)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 5,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(2)


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 493,752</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(3)



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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 6,893,752</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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 Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 5,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 424,351</FONT></TD>
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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 6,824,351</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">



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 1,375,000</FONT></TD>
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 800,000</FONT></TD>
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 1,000,000</FONT></TD>
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 176,315</FONT></TD>
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 1,976,315</FONT></TD>
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 800,000</FONT></TD>
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 1,000,000</FONT></TD>
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 162,890</FONT></TD>
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 1,962,890</FONT></TD>
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 787,500</FONT></TD>
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 1,000,000</FONT></TD>
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 164,130</FONT></TD>
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 1,951,630</FONT></TD>
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</TR>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 J.D. Carlson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 575,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 315,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(2)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 77,659</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(5)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,467,659</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President&nbsp;&amp; Chief</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 547,917</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 350,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 66,223</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,789,140</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Financial Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 522,917</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 300,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 200,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 70,222</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,093,139</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Bud Denker</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 575,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 315,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(2)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 34,649</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(6)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,424,649</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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 Executive Vice President&nbsp;&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 547,917</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 350,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 24,166</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,747,083</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">



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 Human Resources</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 523,958</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 300,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 200,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 18,423</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,042,381</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Shane M. Spradlin</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2019</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 575,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 315,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(2)


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 89,597</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(7)


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,479,597</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President, General</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2018</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 547,917</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 350,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 76,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,799,417</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Counsel&nbsp;&amp; Secretary</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2017</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 523,958</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 300,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 295,001</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 74,809</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,193,768</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">These
amounts represent the grant date fair value of the restricted stock awards that we granted during 2019 under our 2015 Equity Incentive Plan, computed in
accordance with FASB ASC Topic 718. Additional assumptions used in the calculation of the amounts in this column are included in footnote 14 to our audited financial statements for the year ended
December&nbsp;31, 2019 included in our Annual Report on Form&nbsp;10-K filed with the Securities and Exchange Commission on February&nbsp;21, 2020.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">These
amounts represent the target amount for a performance based award issued in February 2019 described below. The payouts for the performance based awards are
each set forth in the table below, along with the achievement amount, which was ultimately paid in shares of restricted stock in February 2020.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">Consists
of $443,752 of dividends on unvested restricted stock awards and $50,000 in charitable donations pursuant to our director charitable matching program.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(4)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">Consists
of $37,670 for an automobile allowance, $50,000 in charitable donations pursuant to our director charitable matching program and $88,645 in dividends on
unvested restricted stock awards.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(5)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">Represents
$27,600 for an automobile allowance, matching funds under our U.S. 401(k) plan, company-sponsored life insurance, company-sponsored lunch program,
personal use of sporting event tickets, $35,090 in dividends on unvested restricted stock awards, and a tax allowance of $3,474.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(6)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">Represents
spousal travel costs, $33,742 in dividends on unvested restricted stock and a tax allowance of $395.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(7)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">Represents
an automobile allowance, company-sponsored life insurance, matching funds under our U.S. 401(k) plan, company-sponsored lunch program, payments for a
country club membership, personal use of sporting event tickets, $39,690 in dividends on unvested restricted stock, spousal travel costs and a tax allowance of $4,265. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=44,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=387691,FOLIO='34',FILE='DISK108:[20ZAD1.20ZAD16201]CO16201A.;27',USER='CHE109858',CD='18-MAR-2020;15:36' -->
<A NAME="page_co16201_1_35"> </A>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A NAME="co16201_2019_long_term_incentive_award_amounts"> </A>
<A NAME="toc_co16201_2"> </A>
<BR></FONT><FONT SIZE=2><B>  2019 Long Term Incentive Award Amounts    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Name and Principal Position</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Threshold ($)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Target ($)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Maximum ($)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Payment ($)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>&nbsp;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 5,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 7,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2,050,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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 Robert H. Kurnick, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 1,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 410,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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 President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
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&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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 J.D. Carlson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 250,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 750,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 205,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President&nbsp;&amp; Chief Financial Officer</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Bud Denker</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 250,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 750,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 205,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President&nbsp;&#151; Human Resources</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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</TR>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Shane M. Spradlin</FONT></TD>
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</FONT>
</TD>
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</FONT></TD>
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 250,000</FONT></TD>
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</FONT></TD>
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</FONT>
</TD>
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 500,000</FONT></TD>
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</FONT>
</TD>
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</FONT></TD>
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 750,000</FONT></TD>
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</FONT></TD>
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</FONT>
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<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 205,000</FONT></TD>
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</TR>
<TR VALIGN="BOTTOM">
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<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-0pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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 Executive Vice President, General Counsel&nbsp;&amp; Secretary</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
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&nbsp;</FONT></TD>
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</FONT>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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</FONT>
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</FONT>
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&nbsp;</FONT></TD>
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</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A NAME="co16201_grants_of_plan-based_awards_in_2019"> </A>
<A NAME="toc_co16201_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Grants of Plan-Based Awards in 2019    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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</FONT>
 </TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


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 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B> &#8203;


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<BR><BR></B></FONT></TD>
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<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 Estimated Future Payouts under Equity<BR>
Incentive Plan Awards(1)</B></FONT></TD>
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</B></FONT></TD>
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<BR><BR></B></FONT></TD>
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 All other Awards:<BR>
Number of Shares</B></FONT></TD>
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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B> &#8203;


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<BR><BR></B></FONT></TD>
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 Grant Date Fair<BR>
Value of Stock</B></FONT></TD>
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</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
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<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Name and Principal Position</B></FONT></TD>
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<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B> &#8203;


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<BR></B></FONT></TD>
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 Grant Date</B></FONT></TD>
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 </B></FONT></TD>
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<BR></B></FONT></TD>
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<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 Threshold ($)</B></FONT></TD>
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</B></FONT></TD>
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<BR></B></FONT></TD>
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 Target ($)</B></FONT></TD>
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 </B></FONT></TD>
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<BR></B></FONT></TD>
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 Maximum ($)</B></FONT></TD>
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</B></FONT></TD>
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<BR></B></FONT></TD>
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<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 of Stock</B></FONT></TD>
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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B> &#8203;


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<BR></B></FONT></TD>
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 Awards ($)(2)</B></FONT></TD>
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 </B></FONT></TD>
</TR>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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</TR>
<TR VALIGN="TOP">
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 2/12/2019</FONT></TD>
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 2,500,000</FONT></TD>
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 5,000,000</FONT></TD>
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 7,500,000</FONT></TD>
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 5,000,000</FONT></TD>
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 2/12/2019</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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 2/12/2019</FONT></TD>
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 500,000</FONT></TD>
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 1,000,000</FONT></TD>
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 1,500,000</FONT></TD>
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 1,000,000</FONT></TD>
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 Executive Vice President,</FONT></TD>
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 General Counsel&nbsp;&amp; Sec.</FONT></TD>
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<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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 &#8203;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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 &#8203;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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 &#8203;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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 &#8203;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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 <DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">These
columns show the threshold, target, and maximum award values, denominated in dollars, for the awards granted under our 2019 Long Term Incentive Plan described
above under the heading "2019 Long Term Incentive Awards." While these awards are denominated in dollars in the table, they were paid out in shares of restricted stock in 2020.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">Computed
in accordance with ASC 718. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B> Outstanding Equity Awards at 2019 Year-End  </B></FONT></P>
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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="131pt" style="font-family:arial;"></TD>
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 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE" SIZE=2><B> &#8203;


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<TD COLSPAN=4 ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE" SIZE=2><B>


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 Stock Awards</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>


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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Name</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


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</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


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<BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Number of Shares<BR>
of Stock That<BR>
Have Not Vested (#)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR>


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</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


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<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>



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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Market Value of Shares<BR>
of Stock That<BR>
Have Not Vested(1)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 315,044</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(2)



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 15,821,509</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Robert H. Kurnick, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>63,009</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3,164,312</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 J.D. Carlson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 26,150</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(4)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,313,253</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Executive Vice President&nbsp;&amp; Chief Financial Officer</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bud Denker</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>26,150</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(5)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,313,253</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive Vice President&nbsp;&#151; Human Resources</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Shane M. Spradlin</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 28,684</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(6)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,440,510</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President, General Counsel&nbsp;&amp; Secretary</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
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<TD WIDTH="66pt" style="font-family:arial;"></TD>
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<TR VALIGN="BOTTOM">
<TD COLSPAN=5 style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (1)&nbsp;&nbsp;&nbsp;&nbsp;Market value is based upon the closing price of our common stock on December&nbsp;31, 2019 ($50.22).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (2)&nbsp;&nbsp;&nbsp;&nbsp;These restricted shares vest as follows:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2020&nbsp;&#150; 83,529</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2023&nbsp;&#150; 62,663</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2021&nbsp;&#150; 81,229</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2024&nbsp;&#150; 22,228</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2022&nbsp;&#150; 65,395</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (3)&nbsp;&nbsp;&nbsp;&nbsp;These restricted shares vest as follows:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2020&nbsp;&#150; 16,705</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2023&nbsp;&#150; 12,533</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2021&nbsp;&#150; 16,245</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2024&nbsp;&#150; 4,446</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2022&nbsp;&#150; 13,080</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (4)&nbsp;&nbsp;&nbsp;&nbsp;These restricted shares vest as follows:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2020&nbsp;&#150; 5,899</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2023&nbsp;&#150; 6,267</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2021&nbsp;&#150; 5,562</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2024&nbsp;&#150; 2,223</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2022&nbsp;&#150; 6,199</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (5)&nbsp;&nbsp;&nbsp;&nbsp;These restricted shares vest as follows:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2020&nbsp;&#150; 5,899</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2023&nbsp;&#150; 6,267</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2021&nbsp;&#150; 5,562</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2024&nbsp;&#150; 2,223</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2022&nbsp;&#150; 6,199</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (6)&nbsp;&nbsp;&nbsp;&nbsp;The restricted shares vest as follows:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2020&nbsp;&#150; 7,516</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2023&nbsp;&#150; 6,267</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2021&nbsp;&#150; 6,479</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2024&nbsp;&#150; 2,223</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:78pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2022&nbsp;&#150; 6,199</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=46,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=1015252,FOLIO='36',FILE='DISK108:[20ZAD1.20ZAD16201]CQ16201A.;9',USER='CHE109858',CD='18-MAR-2020;15:36' -->
<A NAME="page_cq16201_1_37"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A NAME="cq16201_option_exercises_and_stock_vested_during_2019"> </A>
<A NAME="toc_cq16201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Option Exercises and Stock Vested During 2019    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
 </TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE" SIZE=2><B> &#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD COLSPAN=4 ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE" SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 Stock Awards</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Name</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Number of Shares<BR>
Acquired on Vesting<BR>
(#)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Value Realized<BR>
on Vesting&nbsp;($)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 74,142</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,167,346</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Robert H. Kurnick, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>14,691</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
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$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>627,600</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 J.D. Carlson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
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 6,343</FONT></TD>
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 270,973</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 Executive Vice President&nbsp;&amp; Chief Financial Officer</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bud Denker</FONT></TD>
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<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4,593</FONT></TD>
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$</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive Vice President&nbsp;&#151; Human Resources</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 7,118</FONT></TD>
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 304,081</FONT></TD>
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 Executive Vice President, General Counsel&nbsp;&amp; Secretary</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Nonqualified Deferred Compensation  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The Penske Automotive Group,&nbsp;Inc. Deferred Compensation Plan ("DCP") allows qualifying individuals, including our named executive officers, to defer on
a pre-tax basis up to 50% of their base salary and/or up to 100% of their annual bonus until their retirement or separation from the Company. The deferred assets are held in a rabbi trust and are
invested on behalf of the participants in investments managed by Canadian Imperial Bank of Commerce (CIBC). In the event of termination of employment, all balances would be paid in either a lump sum
or up to ten annual installments, according to the employee's prior election. We do not provide any matching contributions and we do not guarantee a minimum return on these amounts. All gains and
losses shown in the table below resulted from the investments managed by CIBC. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
believe the DCP is an important tool for recruiting key employees and assists in employee retention. The table below reflects the contributions, earnings, withdrawals and distributions during 2019,
and the account balances as of December&nbsp;31, 2019 for each named executive officer under the DCP. </FONT></P>
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<TD WIDTH="70pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="70pt" style="font-family:arial;"></TD>
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<TD WIDTH="60pt" style="font-family:arial;"></TD>
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<TD WIDTH="70pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="6pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="73pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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</FONT> <FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Name</B></FONT></TD>
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 </B></FONT></TD>
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<BR></B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Executive Contributions In Last FY(1)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


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</B></FONT></TD>
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<BR></B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Registrant Contributions In Last FY</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


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</B></FONT></TD>
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<BR></B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Aggregate Earnings In Last FY(2)</B></FONT></TD>
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 </B></FONT></TD>
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<BR></B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Aggregate Withdrawals / Distributions</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


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</B></FONT></TD>
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</B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE"  style="font-size:8pt;line-height:9pt;"><B>Aggregate Balance at Last FYE(3)</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><BR><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



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</FONT>
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</FONT>
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</FONT></TD>
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 &#151;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
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 &#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
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<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Chief Executive Officer</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
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</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Robert H. Kurnick, Jr.</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">President</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 J.D. Carlson</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 608,898</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 &#151;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 108,884</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,326,081</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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 EVP&nbsp;&amp; Chief Financial Officer</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



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</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Bud Denker</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">69,283</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2,220</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#151;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">EVP&nbsp;&#151; Human Resources</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">71,503</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Shane M. Spradlin</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 212,801</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 33,843</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 EVP, General Counsel&nbsp;&amp; Secretary</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 430,835</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">The
full amounts in this column were previously reported in the "Salary" and "Bonus" columns of the Summary Compensation Table
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">The
amounts in this column were not reported as compensation in the Summary Compensation Table.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">No
portion of the amount shown in this column has been shown in the Summary Compensation Table in years prior to 2019. </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=47,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=707868,FOLIO='37',FILE='DISK108:[20ZAD1.20ZAD16201]CQ16201A.;9',USER='CHE109858',CD='18-MAR-2020;15:36' -->
<A NAME="page_cq16201_1_38"> </A>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Pension Benefits and Nonqualified Deferred Compensation.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our executive officers are not eligible to participate in any defined benefit compensation plans. The
Penske Automotive Group,&nbsp;Inc. Deferred Compensation Plan ("DCP") discussed above allows participants the opportunity to accumulate additional savings for retirement on a tax-deferred basis. For
a more detailed discussion of the DCP, please see the section entitled "Executive Compensation&nbsp;&#151; Nonqualified Deferred Compensation." </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> "Golden Parachutes" or Termination/Change in Control Payments.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of our current named executive officers have been provided an employment agreement, nor are
they entitled to any pre-arranged severance compensation. With respect to a change in control, none of our current named executive officers have been guaranteed any change of control payments,
however, our outstanding restricted stock grants provide that in the event of a change of control the award will vest. Based on a closing stock price of $40.03 on March&nbsp;11, 2020, the following
number of shares would vest assuming a change of control occurred on that date: Roger Penske 315,044 shares ($12,611,211), Robert Kurnick 63,009 shares ($2,522,250), Shane Spradlin 28,684 shares
($1,148,221), J.D. Carlson 26,150 shares ($1,046,785) and Bud Denker 26,150 shares ($1,046,785). </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cq16201_ceo_pay_ratio."> </A>
<A NAME="toc_cq16201_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>    CEO Pay Ratio. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, and applicable SEC rules, we are providing the following information
about the
relationship of the median annual total compensation of our employees and the annual total compensation of Roger S. Penske, our Chief Executive Officer. For the year ended December&nbsp;31,
2019:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> the estimated median of the annual total compensation of our employees other than Mr.&nbsp;Penske, was $44,527; and </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2> the annual total
compensation of Mr.&nbsp;Penske described elsewhere in this Proxy Statement was $6,893,752.
 </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Based
on this information, the ratio of the annual total compensation of Mr.&nbsp;Penske to the median of the annual total compensation of all employees was estimated to be 155 to 1. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Pursuant
to SEC rules, we are permitted to calculate our CEO pay ratio for the year ended December&nbsp;31, 2019 using the same median employee that we identified in 2018 because we do not believe
that there have been any changes to our employee population or employee compensation arrangements during 2019 that would have a significant impact on our pay ratio disclosure. We identified our median
employee in 2017 as of December&nbsp;31, 2017, when our worldwide employee population consisted of approximately 26,300 individuals. In identifying the median employee, we excluded from our employee
population all of the employees in the following jurisdictions as permitted by SEC rules and interpretations based on the small number of employees located in
each: Canada (219), New Zealand (85)&nbsp;and Italy (535). To identify our 2017 median employee from our employee population, we then compared the amount of U.S. gross taxable wages or equivalent
foreign metric of our employees as reflected in our payroll records. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
combined all of the elements of our median employee's compensation for 2019 in accordance with the SEC's requirements, resulting in annual total compensation of $44,527. With respect to the annual
total compensation of Mr.&nbsp;Penske, we used the amount reported in the "Total" column of our 2019 Summary Compensation Table included in this Proxy Statement. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>38</FONT></P>

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 </FONT> <FONT SIZE=3><B>


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  </B></FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="cs16201_director_compensation"> </A>
<A NAME="toc_cs16201_1"> </A>
    </font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
    cellpadding=0 cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



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  <FONT SIZE=5>  Director Compensation</FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Board of Directors believes that its members should receive a mix of cash and equity compensation, with the option to receive certain compensation in the form of equity. The Board of Directors
approves changes to director compensation only upon the recommendation of the Compensation and Management Development Committee, which is composed solely of independent directors. Although all of our
directors are eligible for our charitable donation matching program discussed below, only those directors who are not our employees are eligible for director compensation. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cs16201_annual_fee_and_stock_award."> </A>
<A NAME="toc_cs16201_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Annual Fee and Stock Award. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each non-employee director receives an annual fee of $40,000, except for audit committee members, who receive $45,000. The Lead Director
receives an additional
$25,000 and committee chairs receive an additional $10,000. These fees are payable, at the option of each non-employee director, in cash or common stock valued on the date of receipt (generally in the
fourth quarter of the year of service). Our non-employee directors also receive an annual grant of 4,000 shares of stock. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cs16201_option_to_defer_receip__cs102404"> </A>
<A NAME="toc_cs16201_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Option to Defer Receipt until Termination of Board Service. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under our Non-Employee Director Compensation Plan, the annual fee and equity awards earned by our
non-employee directors may be deferred in either cash (for the
annual fee) and/or deferred stock. Each deferred stock unit is equal in value to a share of common stock, and ultimately will be paid in cash after a director retires. These stock units do not have
voting rights, but do receive dividends in the form of additional stock units which are credited to the director's account on the date dividends are paid. All cash fees deferred are held in our
general funds, and interest on such deferred fees is credited to the director's account at the then current U.S. 90-day Treasury bill rate on a quarterly basis. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cs16201_charitable_donation_matching_program."> </A>
<A NAME="toc_cs16201_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Charitable Donation Matching Program. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All directors are eligible to participate in a charitable matching gift program. Under this program, we match up to $50,000
per year in contributions by each
director to institutions qualified as tax-exempt organizations under 501(c)(3) of the Internal Revenue Code and other institutions approved at the discretion of management. We may decline to match any
contribution to an institution with goals that are incompatible with ours, or due to conflicts with our director independence policy. This program is not available for matching of political
contributions. While the contributions are directed by our directors, we retain the tax deduction for matching contributions paid by us. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cs16201_other_amounts."> </A>
<A NAME="toc_cs16201_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Other Amounts. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As part of our director continuing education program, each director is eligible to be reimbursed by us for the cost and expenses relating to one
education seminar
per year. These amounts are excluded from the table below. Each non-employee director is also entitled to the use of a company vehicle, including the cost of routine maintenance and repairs and
company-sponsored automobile insurance relating to that vehicle. For any director who declines the use of a company-sponsored vehicle, we provide a $20,000 cash payment in lieu of the
company-sponsored vehicle. All directors are also entitled to reimbursement for their reasonable out-of-pocket expenses in connection with their travel to, and attendance at, meetings of the Board of
Directors or its committees. Because we expect attendance at all meetings, and a substantial portion of the Board of Directors' work is done outside of formal meetings, we do not pay meeting fees. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_cs16201_1_40"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A NAME="cs16201_2019_director_compensation_table"> </A>
<A NAME="toc_cs16201_6"> </A>
<BR></FONT><FONT SIZE=2><B>  2019 Director Compensation Table    <BR>    </B></FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our directors serving in 2019 who were also our employees (Messrs.&nbsp;Kurnick, Penske, Sasaki and Yamanaka) receive no additional compensation for serving
as directors, though they are eligible for the charitable matching program noted above. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:62%;margin-left:10%;">
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<DIV ALIGN="CENTER"><TABLE width="130%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="97pt" style="font-family:arial;"></TD>
<TD WIDTH="21pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="65pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="107pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="56pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Name</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Fees Earned or<BR>
Paid in Cash(1)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Stock<BR>
Awards(2)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>All Other<BR>
Compensation(3)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Total</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 John D. Barr</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 45,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 208,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 105,466</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 359,346</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lisa A. Davis</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>40,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>208,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>92,698</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>341,578</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Wolfgang D&uuml;rheimer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 40,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 208,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 18,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 267,640</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael R. Eisenson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>60,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>208,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,442</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>319,322</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Kimberly J. McWaters</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 55,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 208,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 68,401</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 332,281</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Roger S. Penske, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>60,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>208,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>53,836</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>322,716</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Sandra A. Pierce</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 40,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 208,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 76,805</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 325,685</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Greg C. Smith</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>75,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>208,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>333,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Ronald G. Steinhart</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 45,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 208,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 66,328</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 320,208</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>H. Brian Thompson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>75,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>208,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>56,588</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>340,468</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Ms.&nbsp;Davis
and Ms.&nbsp;Pierce elected to receive equity in lieu of a cash retainer for 2019. Mr.&nbsp;Thompson elected to receive 50% of his retainer in
equity in 2019.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>These
amounts represent the grant date fair value of awards computed in accordance with FASB ASC Topic 718 in connection with stock awards granted under our 2015
Equity Incentive Plan, and excludes the amount of any equity compensation received in lieu of cash noted in footnote one.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>See
the following table for a description of these amounts and other information.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Includes
$20,000 in lieu of a company sponsored vehicle.  </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A NAME="cs16201_director_other_compensation"> </A>
<A NAME="toc_cs16201_7"> </A>
<BR></FONT><FONT SIZE=2><B>  Director Other Compensation    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:57%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"140%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="140%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="70pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="65pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="53pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="56pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="94pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Name</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Company<BR>
Sponsored<BR>
Vehicle(1)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Charitable<BR>
Match</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Other(3)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Total</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Deferred Stock<BR>
Units at<BR>
12/31/19</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 John D. Barr</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 75,466</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 30,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 105,466</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 33,820</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lisa A. Davis,</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>40,372</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>2,326</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>92,698</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>14,812</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Wolfgang D&uuml;rheimer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 18,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 18,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 8,140</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael R. Eisenson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>442</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,442</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Kimberly J. McWaters</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 35,401</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 33,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 68,401</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 40,314</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Roger S. Penske, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>3,836</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>53,836</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>12,408</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Sandra A. Pierce</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 26,294</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 511</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 76,805</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 8,115</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Greg C. Smith</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(2)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>12,408</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Ronald G. Steinhart</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 16,328</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 66,328</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>H. Brian Thompson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>6,379</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>209</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>56,588</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Represents
vehicle depreciation, insurance costs, maintenance costs and, if applicable, disposal costs on sale of vehicle.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>This
director elected to receive $20,000 in lieu of a company sponsored vehicle.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Spousal
travel.  </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="cu16201_security_ownership_of_certain___sec02525"> </A>
<A NAME="toc_cu16201_1"> </A>
    </font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
    cellpadding=0 cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



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  <FONT SIZE=5>  Security Ownership of Certain Beneficial Owners and Management</FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
following table sets forth information with respect to the beneficial ownership of our common stock as of March&nbsp;17, 2020 by (1)&nbsp;each person known to us to own more
than five percent of our common stock, (2)&nbsp;each of our directors, (3)&nbsp;each of our named executive officers and (4)&nbsp;all of our directors and executive officers as a group. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>"Beneficial
ownership" is determined in accordance with the rules of the SEC and includes voting and investment power with respect to shares, including shares of restricted but unvested stock. The
percentage of ownership is based on 80,887,853 shares of our common stock outstanding on March&nbsp;17, 2020. Unless otherwise indicated in a footnote, each person identified in the table below has
sole voting and dispositive power with respect to the common stock beneficially owned by that person and none of the shares are pledged as security. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="89pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="89pt" style="font-family:arial;"></TD>
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<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Name of Beneficial Owner</B></FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


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 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


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<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Economic<BR>
Ownership(1)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


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<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Beneficial<BR>
Ownership(2)</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&#8203;


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<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>



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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Percent</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


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 </B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Principal Stockholders</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Penske Corporation(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 34,181,121</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 34,181,121</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 42.3</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>%


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 2555 Telegraph Road, Bloomfield Hills, MI&nbsp;48302-0954</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mitsui(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>13,322,205</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>13,322,205</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>16.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1-3, Marunouchi, 1-Chome, Chiyoda-ku, Tokyo, Japan 100-8631</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Current Directors and Nominees</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 John D. Barr</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 56,135</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 22,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Lisa A. Davis</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>14,950</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>-0-</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Wolfgang D&uuml;rheimer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 8,216</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 -0-</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael R. Eisenson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>79,657</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>79,657</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Robert H. Kurnick, Jr.(5)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 98,821</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 98,821</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kimberly J. McWaters</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>49,614</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>8,924</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Greg Penske(6)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 38,178</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 38,178</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Roger S. Penske(7)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>35,120,145</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>35,120,145</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>43.4</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 14,118</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,594</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(6)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Sandra A. Pierce(6)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>35,340</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>27,150</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Greg C. Smith</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 12,524</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 -0-</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ronald G. Steinhart</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>57,140</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>57,140</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 H. Brian Thompson(8)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 102,694</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 102,694</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Masashi Yamanaka</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>-0-</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>-0-</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT COLOR="#FFFFFE" SIZE=2><B>Officers Who Are Not Directors</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 J.D. Carlson(5)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 37,105</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 37,105</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bud Denker(5)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>40,679</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>40,679</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Shane M. Spradlin(5)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 46,263</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 46,263</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All directors and executive officers (17 persons)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>35,811,579</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>35,680,350</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>44.1</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Less
than 1% </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=51,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=705692,FOLIO='41',FILE='DISK108:[20ZAD1.20ZAD16201]CU16201A.;8',USER='CHE109858',CD='18-MAR-2020;15:36' -->
<A NAME="page_cu16201_1_42"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Economic
Ownership is defined as "Beneficial Ownership" (see footnote 2), plus the amount of deferred stock units held by certain non-employee directors in
connection with their director compensation.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Pursuant
to the regulations of the SEC, shares are deemed to be "beneficially owned" by a person if such person has the right to acquire such shares within
60&nbsp;days or directly or indirectly has or shares the power to vote or dispose of such shares.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Penske
Corporation is the beneficial owner of these shares of common stock, of which it has shared power to vote and dispose together with a wholly owned subsidiary.
All of the shares deemed owned by Penske Corporation are pledged under a loan facility. Penske Corporation also has the right to vote the shares owned by the Mitsui entities (see note&nbsp;4) under
certain circumstances discussed under "Certain Relationships and Related Party Transactions." If these shares were deemed to be beneficially owned by Penske Corporation, its beneficial ownership would
be 47,503,326 shares or 58.6%.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Represents
2,664,042 shares held by Mitsui&nbsp;&amp;&nbsp;Co., (U.S.A.),&nbsp;Inc. and 10,658,163 shares held by Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Includes
for Mr.&nbsp;Kurnick, 63,009 shares of restricted stock, for Mr.&nbsp;Carlson, 26,150 shares of restricted stock, for Mr.&nbsp;Denker, 26,150 shares
of restricted stock, and for Mr.&nbsp;Spradlin, 28,684 shares of restricted stock.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Director has shared voting power with respect to these shares.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Includes
the 34,181,121 shares deemed to be beneficially owned by Penske Corporation, as to all of which shares Mr.&nbsp;Penske may be deemed to have shared voting
and dispositive power. Mr.&nbsp;Penske is the Chair and Chief Executive Officer of Penske Corporation. Mr.&nbsp;Penske disclaims beneficial ownership of the shares beneficially owned by Penske
Corporation, except to the extent of his pecuniary interest therein. Penske Corporation also has the right to vote the shares owned by the Mitsui entities (see note&nbsp;4) under certain
circumstances discussed under "Certain Relationships and Related Party Transactions." If these shares were deemed to be beneficially owned by Mr.&nbsp;Penske, his beneficial ownership would be
48,397,894 shares or 59.7%. In addition, Mr.&nbsp;Penske has shared voting power with respect to 294,485 of these shares. These figures include 315,044 shares of restricted stock.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Mr.&nbsp;Thompson
has shared voting power with respect to 4,000 of these shares.  </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>42</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=52,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=132476,FOLIO='42',FILE='DISK108:[20ZAD1.20ZAD16201]CU16201A.;8',USER='CHE109858',CD='18-MAR-2020;15:36' -->
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 </FONT> <FONT SIZE=3><B>


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  </B></FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg16201a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=5><A NAME="cw16201_related_party_transactions"> </A>
<A NAME="toc_cw16201_1"> </A>
    </font></p>    <div style="margin-top:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;text-align:left;">    <div style="display:inline-block;*display:inline;zoom:1;box-sizing:border-box;width:100%;">    <table width="100%" border=0
    cellpadding=0 cellspacing=0>    <TR bgcolor="#FFFFFF">    <td style="font-family:arial;text-align:left;padding-bottom:2pt;border-bottom:solid #EB5A4E 1.0pt;"><p style="font-family:arial;margin-top:0pt;margin-bottom:0pt;;margin-left:0pt;text-indent:-0pt;">



<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


  <FONT SIZE=5>  Related Party Transactions</FONT> <FONT SIZE=2></font>
</td>
</tr>
</table>
</div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Board of Directors has adopted a written policy with respect to the approval of related party transactions. Under the policy, related party transactions valued over $5,000 must be approved by a
majority of either the members of our Audit Committee or our disinterested Board members. Our Audit Committee approves all individual related party transactions valued below $1&nbsp;million, all
multiple-payment transactions valued below $5&nbsp;million (such as a lease), and any transaction substantially similar to a prior year's transaction (regardless of amount). Our Board, by a vote of
the disinterested directors, reviews and approves all other related party transactions. At each regularly scheduled meeting, our Audit Committee reviews any proposed new related party transactions for
approval and reviews the status of previously approved transactions. Each of the transactions noted below was approved by our Board of Directors or Audit Committee pursuant to this policy. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cw16201_stockholders_agreement."> </A>
<A NAME="toc_cw16201_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Stockholders Agreement. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Entities affiliated with Roger S. Penske, our Chair of the Board and Chief Executive Officer, are parties to a stockholders agreement
described below.
Mr.&nbsp;Penske is also Chair of the Board and Chief Executive Officer of Penske Corporation, and, through entities affiliated with Penske Corporation, our largest stockholder. The parties to the
stockholders agreement are Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd., Mitsui&nbsp;&amp; Co, (USA),&nbsp;Inc. (collectively, "Mitsui"), Penske Corporation and Penske Automotive Holdings Corp.
(collectively the "Penske companies"). </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Pursuant
to the stockholders agreement, the Penske companies agreed to vote their shares for up to two directors who are representatives of Mitsui and Mitsui agreed to vote its shares for up to
fourteen directors voted for by the Penske companies. In addition, the Penske companies agreed that if they transfer any of our shares of common stock, Mitsui would be entitled to "tag along" by
transferring a pro rata amount, which expires March&nbsp;26, 2030, of its shares upon similar terms and conditions, subject to certain limitations. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
and Mitsui have agreed that Mitsui has a right to (1)&nbsp;an observer at all of our Board of Directors meetings so long as Mitsui owns at least 2.5% of our outstanding common stock, and
(2)&nbsp;designate a senior executive so long as Mitsui owns at least 10% of our outstanding common stock. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cw16201_registration_rights_agreements."> </A>
<A NAME="toc_cw16201_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Registration Rights Agreements. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Both the Penske companies and Mitsui possess registration rights pursuant to which they are able on two remaining occasions each to
register all or part of our
common stock held by them, subject to specified limitations. They are also entitled to request inclusion of all or any part of their common stock in any registration of securities by us on
Forms&nbsp;S-1 or S-3 under the Securities Act of 1933, as amended. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cw16201_other_related_party_interests."> </A>
<A NAME="toc_cw16201_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Other Related Party Interests. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Several of our directors and officers are affiliated with Penske Corporation or related entities. Roger S. Penske, Jr., Roger
Penske's son, is one of our
directors. Robert Kurnick, our President and a Director, is also the Vice Chair and a Director of Penske Corporation. Mr.&nbsp;Denker, our Executive Vice President&nbsp;&#151; Human
Resources is the President of Penske Corporation. Mr.&nbsp;Eisenson, one of our directors, is a director of Penske Corporation. In 2019, we were reimbursed approximately four percent of the base
salary of Shane Spradlin, our General Counsel, by Penske Corporation to reflect his efforts on behalf of Penske Corporation affiliates. These employees or directors may receive salary, bonus or other
compensation from Penske Corporation or its affiliates unrelated to their service at Penske Automotive. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cw16201_penske_truck_leasing."> </A>
<A NAME="toc_cw16201_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Penske Truck Leasing. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We own an approximately 28.9% interest in Penske Truck Leasing&nbsp;Co.,&nbsp;L.P. ("PTL"), a leading provider of transportation services and
supply chain management. PTL is capable of meeting customers' needs across the supply chain with a broad product offering that includes full-service truck leasing, truck rental and contract
maintenance, along with logistics services such as dedicated contract carriage, distribution </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>43</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>center
management, transportation management and lead logistics provider. PTL is owned 41.1% by Penske Corporation, 28.9% by us, and 30% by affiliates of Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
PTL partnership agreement, among other things, provides us with specified partner distribution and governance rights and restricts our ability to transfer our interest. In addition, the
partnership has a six member advisory committee and we are entitled to one of the representatives serving on the advisory committee. We have the right to pro rata quarterly distributions equal to 50%
of PTL's consolidated net income and we expect to realize significant cash tax savings. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
may transfer our directly owned interests with the unanimous consent of the other partners, or if we provide the remaining partners with a right of first offer to acquire our interests, except that
we may transfer up to 9.02% of our interest to Penske Corporation without complying with the right of first offer to the remaining partner. We and Penske Corporation have previously agreed that
(1)&nbsp;in the event of any transfer by Penske Corporation of their partnership interests to a third party, we will be entitled to "tag-along" by transferring a pro rata amount of our partnership
interests on similar terms and conditions, and (2)&nbsp;Penske Corporation is entitled to a right of first refusal in the event of any transfer of our partnership interests, subject to the terms of
the partnership agreement. Additionally, PTL has agreed to indemnify the general partner for any actions in connection with managing PTL, except those taken in bad faith or in violation of the
partnership agreement. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
partnership agreement allows Penske Corporation to give notice to require PTL to begin to effect an initial public offering of equity securities, subject to certain limitations, as soon as
practicable after the first anniversary of the initial notice, and, beginning in 2025, we and Mitsui continue to have a similar right to require PTL to begin an initial public offering of equity
securities, subject to certain limitations, as soon as reasonably practicable. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
2019, we received $71.9&nbsp;million from PTL in pro rata cash distributions. Our Chair and Chief Executive Officer also serves as Chair of PTL, for which he is compensated by PTL. As a limited
partner, we do not influence or control the amount of that compensation. In 2019, our subsidiary operating retail commercial truck dealerships, Premier Truck Group, assisted in providing customer
financing arrangements at several PTL used truck sales centers in the United States and Canada generating $4.2&nbsp;million in commissions in 2019. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Australian subsidiary, Penske Transportation Group International owns a 28.33% interest in a joint venture with a PTL subsidiary to lease trucks in Australia and New Zealand. The joint venture
combines our sales expertise in Australia with PTL's truck leasing experience. We continue to be party to a stockholder's agreement relating to this investment that provides us with
specified distribution and governance rights and restricts our ability to transfer our interests. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A NAME="cw16201_other_transactions."> </A>
<A NAME="toc_cw16201_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Other Transactions. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From time to time, we pay and/or receive fees from Penske Corporation and its affiliates for services rendered in the normal course of business,
including
payments to third parties by Penske Corporation on our behalf which we then reimburse to them, payments to third parties made by us on behalf of Penske Corporation which they then reimburse to us,
shared office expenses, shared employee expenses and payments relating to the use of aircraft from Penske Aviation, a subsidiary of Penske Corporation. These transactions are reviewed periodically by
our Audit Committee and reflect the provider's cost or an amount mutually agreed upon by both parties. Aggregate payments relating to such transactions amounted to $5.4&nbsp;million paid by us in
2019. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
June 2008, RP Automotive, an affiliate of Mr.&nbsp;Penske, Jr., purchased two of our subsidiaries operating six franchises in California. In connection with these transactions, the former
subsidiaries continue to lease certain fixed assets from us. One of the leases has a term expiring in December 2037 with annual rent of $289,000 per year (or </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>44</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>$5.2&nbsp;million
over the remaining period), and the second lease has a term expiring in February 2027 with annual rent of $219,000 per year (or $1.6&nbsp;million over the remaining period). </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
entered into a license agreement with an affiliate of Penske Corporation for a license of the "Penske Automotive" name. This agreement provides us with a perpetual license of the name "Penske
Automotive" and related trade names so long as Penske Corporation and its affiliates own in excess of 20% of our outstanding common stock and we adhere to the other terms of the license
agreement. In December 2019, we renewed our two-year marketing arrangement with an affiliate of Jay Penske, Roger S. Penske's son, under which we agreed to incur approximately $600,000 for marketing
and subscription services over the two-year period. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>From
time to time, we enter into arrangements with Penske Truck Leasing and/or other Penske Corporation affiliates and third party vendors in order to achieve the benefits of scale or synergy
opportunities as between the companies. These arrangements are reviewed by the Board in accordance with our policy noted above. For example, we aggregate several Penske entities in connection with
sourcing certain telecommunications services to achieve the benefits of scale. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>On
June&nbsp;3, 2019, we repurchased 256,369 shares of our outstanding common stock from Roger S. Penske for $11.4&nbsp;million, or $44.40 per share, under our securities repurchase program
approved by our Board of Directors. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
officers, directors and their affiliates periodically purchase, lease or sell vehicles and parts from us or PTL at fair market value. This includes purchases and sales of trucks, logistics and
other services and parts as between our subsidiaries and those of PTL (principally consisting of purchases of $15.2&nbsp;million of trucks and parts by PTL from our PTG subsidiaries, and purchases
of $0.6&nbsp;million of used trucks by PTG from PTL). </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Additionally,
we hire service technicians who have graduated from Universal Technical Institute ("UTI"), a provider of technical education, whose former Chief Executive Officer, Kimberly McWaters, is
one of our directors. Ms.&nbsp;McWaters retired from UTI on October&nbsp;31, 2019, though she remains a director. We generally make no payments to UTI relating to the hiring of these graduates and
hire them on the same terms as other employers. However, in order to assist us in sourcing qualified service technicians for our Premier Truck Group operations, we entered into an arrangement with UTI
designed to assist us in sourcing qualified service technicians. We and UTI are jointly designing and developing a training program for soldiers at the Fort Bliss military base near El Paso, Texas.
Graduates of the program are intended to have all the skills required to enable them to become technicians in our retail truck business. Our agreement, which runs through June&nbsp;30, 2024, calls
for UTI to recruit qualified soldiers, recruit qualified instructors and provide training for 40 soldiers per year, and for us to pay for the initial build of the training space, provide training
support and provide and maintain training vehicles. We paid $48,435 under this arrangement in 2019, which was paid in developing the training space. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>On
December&nbsp;12, 2018, we entered into a Services Agreement with Mitsui under which Mitsui employee Masashi Yamanaka, one of our directors, assisted the Company in strategic development of
business opportunities and relationships in transportation related industries and the evaluation of new technologies in the automotive and trucking sectors. From January&nbsp;9, 2019, to
February&nbsp;28, 2019 when we terminated the Services Agreement, we paid a fee of $49,583 for these services. Beginning March&nbsp;1, 2019, Mr.&nbsp;Yamanaka was designated our Executive Vice
President, Strategic Relationship Management for which he received $304,946 in total compensation, including a tax allowance of $7,871 relating to $19,991 of non-cash compensation. Mr.&nbsp;Yamanaka
is an employee of Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd. To the extent his salary exceeded or was less than an amount set annually by
Mitsui, he made or received payments to/from Mitsui intended to mitigate the effect of exchange rate changes. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Ms.&nbsp;Pierce
is a Senior Executive Vice President of Huntington Bank. In 2019, Huntington Bank purchased $46.0&nbsp;million in automotive contracts from us, representing 1,931 vehicles and we
received $1.9&nbsp;million in finance reserve and preferred lender fees from Huntington Bank. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>45</FONT></P>

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2020 Annual Meeting of Stockholders  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>8:00&nbsp;a.m.
Eastern Daylight Time, May&nbsp;13, 2020<BR>
Penske Automotive Group<BR>
2555 Telegraph Road<BR>
Bloomfield Hills, Michigan 48302 </FONT></P>

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Voting in Person at the Meeting  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We encourage you to submit proxies in advance by telephone, by Internet or by mail. You may also vote in person at the annual meeting instead, or may execute
a proxy designating a representative to vote for you at the meeting. If your shares are held for you in a brokerage, bank or other institutional account, you must obtain a proxy from that entity and
bring it with you to hand in with your ballot in order to be able to vote your shares at the meeting. </FONT></P>


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Admission  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>You will be asked to verify proof of ownership of our stock before being admitted to our annual meeting. If you hold shares indirectly through a bank or
brokerage firm, please bring a recent statement to verify your ownership. We reserve the right to deny admission to anyone who cannot verify he or she is one of our stockholders. Cameras and recording
devices will not be permitted. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
are sensitive to the public health and travel concerns our shareholders may have and recommendations that public health officials may issue in light of the evolving coronavirus (COVID-19)
situation. As a result, we may impose additional procedures or limitations on meeting attendees (beyond those described above) or may decide to hold the meeting in a different location or solely by
means of remote communication (i.e.,&nbsp;a virtual-only meeting). We plan to announce any such updates on our website, www.penskeautomotive.com within the "Investor Relations" section, and we
encourage you to check this website prior to the meeting if you plan to attend. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Proxies
are solicited by or on behalf of our Board of Directors. We will bear the cost of this solicitation. In addition to the solicitation of the proxies by mail, some of our officers and regular
employees, without extra remuneration, may solicit proxies personally, or by telephone or otherwise. In addition, we will make arrangements with brokerage houses and other custodians, nominees and
fiduciaries to forward proxies and proxy material to their principals, and we will reimburse them for their expenses in forwarding soliciting materials, which are not expected to exceed an aggregate
of $10,000. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>We will provide without charge to each of our stockholders, on the written request of such stockholder, a copy of our Form&nbsp;10-K for the year ended December&nbsp;31,
2019 and any of the other documents referenced herein. Copies can be obtained from Penske Automotive Group,&nbsp;Inc., Investor Relations, 2555 Telegraph Road, Bloomfield Hills, Michigan 48302-0954
(248-648-2500) or (866-715-5289).</B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Dated:
March&nbsp;19, 2020<BR></FONT></P>

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<P ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2><A NAME="ma16201_appendix_a"> </A>
<A NAME="toc_ma16201_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Appendix&nbsp;A    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A NAME="ma16201_penske_automotive_grou__ma102025"> </A>
<A NAME="toc_ma16201_2"> </A></FONT> <FONT SIZE=2><B>  PENSKE AUTOMOTIVE GROUP,&nbsp;INC.<BR>  2020 EQUITY INCENTIVE PLAN    <BR>    </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>1.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Purpose</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this 2020 Equity Incentive Plan (the "Plan") is to further the long term
stability and financial success of Penske Automotive Group,&nbsp;Inc. (the "Company") by (a)&nbsp;attracting and retaining key employees, members of the Board of Directors and other contributors
to the Company and its Affiliates through the use of equity and cash incentives and (b)&nbsp;encouraging equity ownership in the Company by members of the Company's Board of Directors and
management. It is believed that ownership of Company Stock will stimulate the efforts of those Participants upon whose judgment and interest the Company is and will be dependent for the successful
conduct of its business. It is also believed that awards granted under this Plan will strengthen their desire to remain with the Company and will further align those Participants' interests with those
of the Company's shareholders. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>2.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Definitions</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;When the following terms are capitalized, they shall have the meanings indicated,
unless otherwise provided in an Award Agreement:  </FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Act"
means the Securities Exchange Act of 1934, as amended. A reference to any provision of the Act shall include reference to any successor or replacement
provision of the Act, and any regulations promulgated with respect to such provision.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Affiliate"
means a Parent or Subsidiary of the Company, whether existing as of the effective date of the Plan or hereafter created or acquired.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Applicable
Withholding Taxes" means the amount of federal, state, local and foreign income and payroll taxes that the Company is required by applicable law to
withhold in connection with any Award, provided, however, that if shares of Company Stock are used to pay such Applicable Withholding Taxes, then the Fair Market Value of such shares may not exceed
the total maximum statutory tax withholding obligations associated with the Award to the extent needed for the Company (or an Affiliate) to avoid an accounting charge.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Award"
means individually or collectively, the award of an Option, Stock Appreciation Right, Company Stock Award, Incentive Award or Restricted Award.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Award
Agreement" means the written or electronic document that sets forth the terms of a Participant's Award and may include a separate written or electronic
employment or services agreement between the Company or an Affiliate and a Participant, to the extent such agreement provides for any type of Award permitted to be granted under the Plan and is
granted in accordance with the terms of the Plan.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Board"
means the Board of Directors of the Company.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Change
of Control" means the occurrence of the following event: any individual, entity or group (as defined in Section&nbsp;13(d)(3) of the Act) other than the
Permitted Holders becomes the beneficial owner (as defined in Rule&nbsp;13(d)(3) under the Act) of Company securities that constitute more than 50% of the combined voting power of the then
outstanding securities of the Company that may be cast for the election of directors to the Board of the Company (other than as a result of an issuance of securities initiated by the Company in the
ordinary course of business). Notwithstanding the foregoing, (i)&nbsp;no Change of Control shall be deemed to have occurred if there is consummated any transaction or series of integrated
transactions immediately following which the record holders of the Stock immediately prior to such transaction or series of transactions continue to own, directly or </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-1</FONT></P>

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<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>indirectly,
in the same proportions as their ownership in the Company, an entity that owns all or substantially all of the assets or voting securities of the Company immediately following such
transaction or series of transactions; and (ii)&nbsp;for purposes of an Award (A)&nbsp;that provides for the payment of deferred compensation that is subject to Code Section&nbsp;409A upon a
Change of Control or (2)&nbsp;with respect to which the Company permits a deferral election, the definition of "Change of Control" shall be deemed amended to conform to the requirements of Code
Section&nbsp;409A to the extent necessary for the Award and deferral election to comply with Code Section&nbsp;409A.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Code"
means the Internal Revenue Code of 1986, as amended. A reference to any provision of the Code shall include reference to any successor or replacement
provision of the Code, and any regulations promulgated with respect to such provision.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Committee"
means the Plan administrator, as described under Section&nbsp;14, and to the extent of any delegation, the delegate of the Committee.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Company"
means Penske Automotive Group,&nbsp;Inc., a Delaware corporation, and any successor thereto.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Company
Contributor" means a consultant, advisor or other individual (except a member of the Board or an employee of the Company, a Parent or a Subsidiary of the
Company), who (i)&nbsp;renders bona fide services to the Company or any Affiliate that are not in connection with the offer and sale of the Company's securities in a capital-raising transaction; and
(ii)&nbsp;does not promote or maintain a market for the Company's securities.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Company
Stock" means the common stock of the Company. In the event of a change in the capital structure of the Company, the shares resulting from such a change
shall be deemed to be Company Stock within the meaning of the Plan.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Company
Stock Award" means an award of Company Stock made without any restrictions.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Date
of Grant" means the date on which the Committee authorizes an Award, or such later date as shall be designated by the Committee.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Disability"
or "Disabled" means, as to an Incentive Stock Option, a disability within the meaning of Code Section&nbsp;22(e)(3), and, as to a Restricted Stock
Unit and any other Award determined to be subject to Code Section&nbsp;409A, a disability within the meaning of Code Section&nbsp;409A(a)(2)(C). As to all other forms of Awards, the Committee
shall determine whether a disability exists and such determination shall be conclusive.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(p)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Fair
Market Value" means, for purposes of determining the value of Company Stock (i)&nbsp;on the Date of Grant, the Stock Exchange closing price of Company Stock
on the Date of Grant, (ii)&nbsp;on the date of exercise, the Stock Exchange closing price of Company Stock on the date preceding the exercise date, and (iii)&nbsp;for all other purposes, unless
the Committee specifies a different method, the Stock Exchange closing sale price on the day as of which the Fair Market Value is to be determined. In all such cases, if no sale occurs on the relevant
date, then the Stock Exchange closing price of Company Stock as of the immediately preceding date on which such a sale occurred shall be used. Notwithstanding the foregoing, with respect to a sale of
shares of Company Stock on a Stock Exchange, the actual sale price shall be the Fair Market Value of such shares. If Company Stock is not listed on a national or regional Stock Exchange or market
system, Fair Market Value shall be determined by the Committee in good faith, subject to compliance with Code Section&nbsp;409A. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-2</FONT></P>

<HR NOSHADE>
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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(q)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Incentive
Award" means a long or short-term incentive award with payment in the form of cash, Company Stock or a combination of both, as designated by the Committee
and conditioned on the attainment of specified Performance Goals, or any other event that the Committee determines.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(r)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Incentive
Stock Option" means an Option intended to meet the requirements of, and qualify for favorable federal income tax treatment under, Code Section&nbsp;422.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(s)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Maturity
Date" means, with respect to a Restricted Stock Unit, the date upon which all restrictions applicable to such Restricted Stock Unit have lapsed or been
removed.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(t)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Nonstatutory
Stock Option" means an Option that does not meet the requirements of Code Section&nbsp;422 or, even if meeting the requirements of Code
Section&nbsp;422, is not intended to be an Incentive Stock Option and is so designated.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(u)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Officer"
means a person who is an officer of the Company within the meaning of Section&nbsp;16 of the Act.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Option"
means a right to purchase Company Stock granted under Section&nbsp;7 of the Plan, at a price determined in accordance with the Plan.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(w)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Parent"
means, with respect to any corporation, a parent of that corporation within the meaning of Code Section&nbsp;424(e).
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Participant"
means any employee, director or other Company Contributor who receives an Award under the Plan. Where the context so requires, all references to a
Participant includes the legal or personal representative thereof or any transferee.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(y)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Performance
Goals" means any objective or subjective goals that the Committee shall select with respect to any Award under the Plan. A Performance Goal may, but is
not required to, relate to one or more of the following with respect to the Company, one or more of its Subsidiaries or one or more of its or their divisions or units, or any combination of the
foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, as the Committee shall determine: specified levels of
or increases or decreases in revenue, return on equity, earnings per share, total earnings, earnings growth, earnings from continuing operations, EBITDA, EBITDAR, return on capital/equity, return on
assets, gross profit, earnings before interest and taxes, sales, sales growth, gross or operating margin, cost reduction goals, fixed cost coverage measurements (including the ratio of service and
parts revenues to operating costs), return on investment, increase in the fair market value of the Common Stock, share price (including growth measures and total stockholder return), market
capitalization, operating profit, profit margin, net income, cash flow (including operating cash flow and free cash flow), financial return ratios, expense ratios, total return to shareholders, market
share, earnings measures/ratios, balance sheet measurements (including debt to equity ratios, maintenance of specified credit availability levels, compliance with credit covenants, inventory
measurements and receivables/payables metrics), human resources measurements (including measurements of employee turnover, workers' compensation costs and employee satisfaction), internal rate of
return, unit sales, same store sales, specified levels of acquisitions/acquired revenue, customer satisfaction and productivity and compliance objectives (including lack of material weakness in
internal controls, each as determined in accordance with the relevant AICPA or PCAOB principles). The Committee will determine the method of measuring or evaluating a Performance Goal, and reserves
the right to adjust or modify such method at any time. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-3</FONT></P>

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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(z)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Permitted
Holder" means (i)&nbsp;Mr.&nbsp;Roger S. Penske, his estate, guardians, conservators, administrators, committees or personal representatives;
(ii)&nbsp;immediate family members and lineal descendants of Mr.&nbsp;Roger S. Penske and their respective guardians, conservators, administrators, committees or personal representatives;
(iii)&nbsp;trusts or other entities created for the benefit of any of the Persons listed in (i)&nbsp;or (ii)&nbsp;above or for the benefit of a trust covered by this clause&nbsp;(iii); and
(iv)&nbsp;any other Person or entity and their respective Subsidiaries, in each case so long as the Persons or entities covered by clauses&nbsp;(i), (ii)&nbsp;or (iii), directly or indirectly,
control such Person or entities. For purposes of this definition, "control" when used with respect to any entity means the power to direct the management and policies of such entity, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms "controlling" and "controlled" have meanings correlative to the foregoing.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(aa)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Restricted
Award" means, collectively, the award of Restricted Stock or Restricted Stock Units.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(bb)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Restricted
Stock" means Company Stock awarded upon the terms and subject to the restrictions set forth in Section&nbsp;6.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(cc)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Restricted
Stock Unit" means an award granted upon the terms and subject to the restrictions and limitations set forth in Section&nbsp;6 that entitles the holder
to receive a payment equal to the Fair Market Value of a share of Company Stock on the Maturity Date.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(dd)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Rule&nbsp;16b-3"
means Rule&nbsp;16b-3 adopted pursuant to Section&nbsp;16(b) of the Act. A reference in the Plan to Rule&nbsp;16b-3 shall include a
reference to any corresponding rule (or number re-designation) of any amendments to Rule&nbsp;16b-3 adopted after the effective date of the Plan's adoption. The provisions of the Plan referring to
Rule&nbsp;16b-3 shall apply only to Participants who are subject to Section&nbsp;16 of the Act.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(ee)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Stock
Appreciation Right" means a right to receive amounts from the Company awarded upon the terms and subject to the restrictions set forth in Section&nbsp;8.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(ff)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Stock
Exchange" means the principal national securities exchange on which Company Stock is listed for trading, or, if Company Stock is not listed for trading on a
national securities exchange, such other recognized trading market or quotation system upon which the largest number of shares of Company Stock has been traded in the aggregate during the last
20&nbsp;days before a Date of Grant, or date on which an Option is exercised, whichever is applicable.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(gg)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Subsidiary"
means any business entity (including, but not limited to, a corporation, partnership or limited liability company) of which a company directly or
indirectly owns 50% of the voting interests of the entity unless the Committee determines that the entity should not be considered a Subsidiary for purposes of the Plan. If a company owns less than
50% of the voting interests of the entity, the entity will be considered a Subsidiary for purposes of the Plan only if the Committee determines that the entity should be so considered. For purposes of
Incentive Stock Options, Subsidiary shall be limited to a subsidiary within the meaning of Code Section&nbsp;424(f).
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(hh)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"Substitute
Awards" means Awards granted or shares of Company Stock issued by the Company in assumption of, or in substitution or exchange for, awards previously
granted, or the right or obligation to make future awards, in each case, by a company acquired by the Company or any Affiliate or with which the Company or any Affiliate combines.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"10%
Shareholder" means a person who owns, directly or indirectly, stock possessing more than 10% of the total combined voting power of all classes of stock of the
Company or any Parent or </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-4</FONT></P>

<HR NOSHADE>
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<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Subsidiary
of the Company. Indirect ownership of stock shall be determined in accordance with Code Section&nbsp;424(d). </FONT></P>

</UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>3.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;General</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted under the Plan in the form of Options, Stock
Appreciation Rights, Company Stock Awards, Incentive Awards and Restricted Awards. Options granted under the Plan may be Incentive Stock Options or Nonstatutory Stock Options. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>4.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Number of Shares of Company Stock and Compensation Cap</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Plan Reserve.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;13 of the Plan, there shall be reserved for issuance under the
Plan an aggregate of 5,000,000 shares of Company Stock, which shall be authorized, but unissued shares (the "Reserve").
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Depletion of Reserve.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Reserve shall be depleted on the date of grant of an Award by the maximum
number of Shares, if any, with respect to which such Award is granted. For clarity, an Award that provides for settlement solely in cash shall not cause any depletion of the Reserve at the time such
Award is granted. If such Award is later amended, however, to permit or require settlement in Shares, then the Reserve shall be depleted, at the time of such amendment, by the maximum number of Shares
which may be issued in settlement of such Award.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Replenishment of Reserve.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Shares of Company Stock that are subject to Awards but that (i)&nbsp;are not
issued under the Award as a result of the expiration or termination of the Award, or because such Award is settled in cash, (ii)&nbsp;will not be issued because the criteria for issuance of such
shares will not be met, (iii)&nbsp;are issued but forfeited pursuant to the terms of the Award, or (iv)&nbsp;are issued but the Company subsequently reacquires them pursuant to rights reserved
upon the issuance of such shares, shall be recredited to the Reserve and may again be used for new Awards under this Plan. Notwithstanding the foregoing, shares of Company Stock recredited to the
Reserve pursuant to clause&nbsp;(iv) may not be issued pursuant to Incentive Stock Options. Shares that are withheld by, or tendered back to, the Company for payment of Applicable Withholding Taxes
or to pay the exercise price of an Option shall not be recredited to the Reserve.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Individual Award Limits.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;13 of the Plan, no more than 1,000,000 shares of
Company Stock may be allocated to the Awards that are granted to any one Participant during any single calendar year, of which no more than 1,000,000 shares of Company Common Stock may be awarded to
any one Participant in the form of Incentive Stock Options during any single calendar year.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Substitute Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Substitute Awards shall not reduce the Reserve or the per-Participant Award limits
under Section&nbsp;4(e). Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a
pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as
adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the
holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the shares of Company Stock authorized for grant under the
Plan; provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or
combination, and shall only be made to individuals who were not Participants prior to such acquisition or combination. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-5</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>5.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Eligibility</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Individuals Eligible for Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All present and future employees or directors of the Company or any of
its Affiliates, and other Company Contributors shall be eligible to receive Awards under the Plan. Subject to any restrictions imposed in the Plan, the Committee shall have the power and discretion,
as provided in Section&nbsp;14, to select which employees, directors and Company Contributors shall receive Awards and to determine for each such Participant the terms and conditions, the nature of
the Award and the number of shares or units to be allocated to each Participant as part of each Award.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>No Guarantee of Awards or Employment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Neither the grant of an Award nor anything else in the Plan shall
obligate the Company or any Affiliate to pay a Participant any particular amount of remuneration, to continue the employment or service of the Participant after the grant or to make further grants to
the Participant at any time thereafter. </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>6.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Company Stock Awards, Incentive Awards and Restricted Awards</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Grant of Company Stock Award.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Committee deems it appropriate to grant a Company Stock
Award, the Company shall provide an Award Agreement to the Participant stating the number of shares of Company Stock for which the Company Stock Award is granted, and the terms and conditions thereof.
A Company Stock Award may be made by the Committee in its discretion without cash consideration.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Grant of Incentive Award.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Committee deems it appropriate to grant an Incentive Award, the
Company shall provide an Award Agreement to the Participant stating the terms and conditions on which the Incentive Award is granted. An Incentive Award may be made by the Committee in its discretion
with or without cash consideration.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Grant of Restricted Award.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Committee deems it appropriate to grant a Restricted Award, the
Company shall provide an Award Agreement to the Participant stating the number of shares of Restricted Stock or number of Restricted Stock Units for which the Restricted Award is granted and the terms
and conditions thereof, to the extent consistent with paragraphs&nbsp;(d) and (e)&nbsp;below, as applicable. A Restricted Award may be made by the Committee in its discretion without cash
consideration.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2><I>(d)</I></FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Restricted Award Terms.</I></FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>All Restricted Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Restricted Stock Award issued pursuant to the Plan shall be subject to the
following restrictions:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>None
of such shares or units may be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered or disposed of until the restrictions on such shares
or units shall have lapsed.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Unless
specified otherwise in a Participant's Award Agreement or as permitted by the Plan, the restrictions on such shares or units must remain in effect for a
period of no less than one year from the Date of Grant.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Unless
specified otherwise in a Participant's Award Agreement or as permitted by the Plan, if a Participant ceases to be employed by the Company or any Affiliate, or
otherwise ceases to be a Company Contributor, as applicable, prior to the date the restrictions on such Award </FONT></DD></DL>
</DD></DL>
</DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-6</FONT></P>

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<UL>
<UL>
<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>shall
have lapsed, then the Participant shall forfeit to the Company any Restricted Awards on the date such Participant shall cease to be so employed.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Committee may establish such other restrictions on such shares or units that the Committee deems appropriate, including, without limitation, events of forfeiture
and Performance Goals that must be achieved for the vesting of Awards.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Restricted Stock Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon the acceptance by a Participant of an award of Restricted Stock, unless
otherwise set forth in the Award Agreement, such Participant shall, subject to the restrictions set forth in paragraph&nbsp;(d)(i) above, have all the rights of a shareholder with respect to the
shares of Restricted Stock subject to such award of Restricted Stock, including, but not limited to, the right to vote such shares of Restricted Stock and the right to receive all dividends and other
distributions paid thereon. Certificates, if any, representing Restricted Stock shall bear a legend referring to the restrictions set forth in the Plan and the Participant's Award Agreement. If shares
of Restricted Stock are issued without certificates, notice of the restrictions set forth in the Plan and the Participant's Award Agreement must be given to the shareholder in the manner required by
law.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2><I>(iii)</I></FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Restricted Stock Unit Awards.</I></FONT><FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Each
Restricted Stock Unit shall entitle the Participant, on the Maturity Date, to receive from the Company an amount equal to the Fair Market Value on the Maturity
Date of one share of Company Stock subject to any limitations or enhancements on such value as the Committee may set forth in the notice of the Restricted Stock Unit Award.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
manner in which the Company's obligation arising on the Maturity Date of a Restricted Stock Unit shall be paid and date of payment shall be determined by the
Committee and shall be set forth in the Participant's Award Agreement. The Committee may provide for payment in Company Stock or cash or a fixed combination of Company Stock and cash, or the Committee
may reserve the right to determine the manner of payment at the time the payment is made.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>A
Participant receiving an award of Restricted Stock Units shall not possess any rights of a shareholder with respect to the Restricted Stock Units and shall be
entitled to receive payments equivalent to dividends and other distributions paid on shares of Company Stock only to the extent set forth in the Award Agreement.
<BR><BR></FONT></DD></DL>
</DD></DL>
</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Withholding Taxes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Participant shall agree at the time the Participant's Company Stock Award,
Incentive Award and/or Restricted Award is granted, and as a condition thereof, to pay to the Company or make arrangements satisfactory to the Company regarding the payment to the Company of,
Applicable Withholding Taxes. Until such amount has been paid or arrangements satisfactory to the Company have been made, no stock certificates free of a legend reflecting the restrictions set forth
in paragraph&nbsp;(d) above shall be issued to such Participant for Restricted Stock. As an alternative to making a cash payment to the Company to satisfy Applicable Withholding Taxes for an Award
of Company Stock, Restricted Stock, or Restricted Stock Units that are settled in shares of Company Stock, if the grant so provides, or the Committee by separate action so permits, the Participant may
elect to (i)&nbsp;deliver shares of Company Stock (either by actual delivery or attestation) or (ii)&nbsp;have the Company retain that number of shares of Company Stock that otherwise be issued
under the Award, in each case having a Fair Market Value sufficient to satisfy all or a specified portion of the Applicable Withholding Taxes. Any such election shall be made only in accordance with
procedures established by the Committee. The Committee has the express authority to change any election procedure it establishes at any time. The Applicable Withholding Taxes attributable to </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-7</FONT></P>

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<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Restricted
Stock Units or Incentive Awards that are settled in cash may be withheld from the cash payment by the Company to the Participant for such Restricted Stock Units or Incentive Award. </FONT></P>

</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Legend on Share Certificates.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company may place on any certificate representing Company Stock issued
under this Section&nbsp;6 any legend deemed desirable by the Company's counsel to comply with federal or state securities laws, and the Company may require of the Participant a customary written
indication of the Participant's investment intent. </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>7.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Options</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Grant of Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Committee deems it appropriate to grant Options, the Company shall
provide an Award Agreement to the Participant stating the number of shares for which Options are granted, the exercise price per share, whether the Options are Incentive Stock Options or Nonstatutory
Stock Options, and the conditions to which the grant and exercise of the Options are subject, including whether vesting will be contingent on the achievement of any Performance Goals, as the Committee
acting in its complete discretion deems consistent with the terms of the Plan. Incentive Stock options only may be granted to employees of the Company, the Parent or a Subsidiary of the Company.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Exercise Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The exercise price of shares of Company Stock covered by an Option shall be not less
than 100% of the Fair Market Value of such shares on the Date of Grant; provided that if an Incentive Stock Option is granted to an employee who, at the time of the grant, is a 10% Shareholder, then
the exercise price of the shares covered by the Incentive Stock Option shall be not less than 110% of the Fair Market Value of such shares on the Date of Grant.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Exercise of Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Options may be exercised in whole or in part at such times as may be
specified by the Committee in the Participant's Award Agreement; provided that:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>No
Incentive Stock Option may be exercised after the first to occur of:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Ten
years (or, in the case of an Incentive Stock Option granted to a 10% Shareholder, five years) from the Date of Grant;
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(y)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Three
months after the date of the Participant's termination of employment with the Company and its Affiliates for reasons other than death or Disability; or
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(z)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>One
year following the date of the Participant's termination of employment from the Company and its Affiliates by reason of death or Disability. </FONT></DD></DL>
</DD></DL>
</DD></DL>
<UL>
<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>If
an Incentive Stock Option remains exercisable after the time periods set forth in clauses&nbsp;(y) or (z), then it shall be treated as a Nonstatutory Stock Option following the end of such time
periods.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>An
Incentive Stock Option, by its terms, shall be exercisable in any calendar year only to the extent that the aggregate Fair Market Value (determined at the Date
of Grant) of the Company Stock with respect to which Incentive Stock Options are exercisable for the first time during the calendar year does not exceed $100,000 (the "Limitation Amount"). Incentive
Stock Options granted under the Plan and all other plans of the Company and any Parent or Subsidiary of the Company shall be aggregated for purposes of determining whether the Limitation Amount has
been exceeded. The Committee may impose such conditions as it deems appropriate on an Incentive Stock Option to ensure that the foregoing requirement is met. If Incentive Stock Options that first
become exercisable in a calendar year exceed the Limitation Amount, the excess Options will be treated as Nonstatutory Stock Options to the extent permitted by law. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-8</FONT></P>

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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Automatic Exercise.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, an Option Award Agreement may provide that if on the
last day of the term of an Option the Fair Market Value of one share of Company Stock exceeds the exercise price of the Option, the Participant has not exercised the Option and the Option has not
expired, the Option shall be deemed to have been exercised by the Participant on such day with payment made by withholding shares of Company Stock otherwise issuable in connection with the exercise of
the Option. In such event, the Company shall deliver to the Participant the number of shares of Company Stock for which the Option was deemed exercised, less the number of shares of Company Stock
required to be withheld for the payment of the total purchase price and Applicable Withholding Taxes; and any fractional share of Company Stock shall be cancelled or settled in cash as determined by
the Company. </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>8.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Stock Appreciation Rights</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Grant of Stock Appreciation Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Committee deems it appropriate to grant Stock
Appreciation Rights, the Company shall provide an Award Agreement to the Participant stating the number of shares for which Stock Appreciation Rights are granted, the exercise price per share, and the
conditions to which the grant and exercise of the Stock Appreciation Rights are subject, including whether vesting will be contingent on the achievement of any Performance Goals, as the Committee
acting in its complete discretion deems consistent with the terms of the Plan.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Calculation of Value.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stock Appreciation Rights shall entitle the Participant, upon the exercise of all
or any part of the Stock Appreciation Rights, to receive from the Company an amount equal to the excess of (x)&nbsp;the Fair Market Value on the date of exercise of the Company Stock covered by the
surrendered Stock Appreciation Rights over (y)&nbsp;the Fair Market Value on the Date of Grant of the Company Stock covered by the Stock Appreciation Rights. The Committee may limit the amount that
the Participant may be entitled to receive upon exercise of the Stock Appreciation Right.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Exercise.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stock Appreciation Rights shall be exercisable, in whole or in part, at such times as the
Committee shall specify in the Participant's Stock Appreciation Rights Award Agreement.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Settlement.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The manner in which the Company's obligation arising upon the exercise of a Stock
Appreciation Right shall be paid shall be determined by the Committee and shall be set forth in the Award Agreement. The Committee may provide for payment in Company Stock or cash, or a fixed
combination of Company Stock or cash, or the Committee may reserve the right to determine the manner of payment at the time the Stock Appreciation Right is exercised. Shares of Company Stock issued
upon the exercise of a Stock Appreciation Right shall be valued at their Fair Market Value on the date of exercise. </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>9.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Method of Exercise of Options and Stock Appreciation
Rights</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Notice and Payment of Exercise Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Options and Stock Appreciation Rights may be exercised by the
Participant by giving notice of the exercise to the Company, stating the number of shares the Participant has elected to purchase under the Option or the number of Stock Appreciation Rights the
Participant has elected to exercise. In the case of a purchase of shares under an Option, such notice shall be effective only if accompanied by the exercise price in full paid in cash; provided that,
if the terms of an Option so permit, or the Committee by separate action so permits, the Participant may (i)&nbsp;deliver shares of Company Stock (valued at their Fair Market Value on the date of
exercise) in satisfaction of all or any part of the exercise price (either by actual delivery or attestation), (ii)&nbsp;to the extent permitted under applicable laws and regulations, deliver a
properly executed exercise notice together with irrevocable instructions to a broker to exercise all or part of the Option, sell a sufficient number of shares of Company Stock to cover the exercise
price and other costs and expenses associated with such sale and deliver promptly the amount necessary to pay the exercise price or </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-9</FONT></P>

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<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>(iii)&nbsp;request
that the Company reduce the number of shares of Company Stock issued by the number of shares having an aggregate Fair Market Value equal to the aggregate exercise price. The
Participant shall not be entitled to make payment of the exercise price other than in cash unless provisions for an alternative payment method are included in the Participant's stock option Award
Agreement or are agreed to in writing by the Company with the approval of the Committee prior to exercise of the Option.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Legend on Share Certificates.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company may place on any certificate representing Company Stock issued
upon the exercise of an Option or a Stock Appreciation Right any legend deemed desirable by the Company's counsel to comply with federal or state securities laws, and the Company may require of the
Participant a customary written indication of the Participant's investment intent.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Shareholder Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Until the Participant has made any required payment, including any Applicable
Withholding Taxes, and has had issued to him a certificate for the shares of Company Stock acquired, he shall possess no shareholder rights with respect to the shares.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Withholding Taxes.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Participant shall agree as a condition of the exercise of an Option or a Stock
Appreciation Right to pay to the Company Applicable Withholding Taxes, or make arrangements satisfactory to the Company regarding the payment to the Company of such amounts. Until Applicable
Withholding Taxes have been paid or arrangements satisfactory to the Company have been made, no stock certificate shall be issued upon the exercise of an Option or a Stock Appreciation Right. </FONT></DD></DL>
<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>As
an alternative to making a cash payment to the Company to satisfy Applicable Withholding Taxes if the Option or Stock Appreciation Rights Award Agreement so provides, or the Committee by separate
action so provides, a Participant may elect to (i)&nbsp;deliver shares of Company Stock, (ii)&nbsp;to the extent permitted under applicable laws and regulations, deliver irrevocable instructions
to a broker to exercise all or part of the Option, sell a sufficient number of shares of Company Stock to cover the Applicable Withholding Taxes and expenses associated with such sale and deliver
promptly the amount necessary to pay the Applicable Withholding Taxes, or (iii)&nbsp;have the Company retain that number of shares of Company Stock that would otherwise be issuable upon exercise
having a Fair Market Value that would satisfy all or a specified portion of the Applicable Withholding Taxes. Any such election shall be made only in accordance with procedures established by the
Committee.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Compliance with Laws.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, if the Company is subject to
Section&nbsp;16 of the Act, Options and Stock Appreciation Rights shall always be granted and exercised in such a manner as to conform to the provisions of Rule&nbsp;16b-3. </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>10.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability of Awards</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as described below or as otherwise
determined by the Committee and set forth in a Participant's Award Agreement, no Award shall be transferable by a Participant except by will or the laws of descent and distribution, and an Option or
Stock Appreciation Right shall be exercised only by a Participant during the lifetime of the Participant. Notwithstanding the foregoing, a Participant may assign or transfer an Award that is not an
Incentive
Stock Option with the consent of the Committee to a family member (or trust or other entity for the benefit of the Participant or the Participant's family members), without consideration (each
transferee thereof, a "Permitted Assignee"); provided that any such Permitted Assignee shall be bound by and subject to all of the terms and conditions of the Plan and transferred Award and shall
execute an Award Agreement satisfactory to the Company evidencing such obligations. Notwithstanding the foregoing, a Participant who transfers an Award, as well as the Participant's transferee, also
shall remain bound by the terms and conditions of the Plan. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-10</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>11.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Effective Date of the Plan</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Plan shall become effective on
May&nbsp;13, 2020, subject to the approval of the holders of a majority of the shares present or represented by proxy at a duly held meeting of shareholders of the Company on such date. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>12.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination and Amendment of Plan and Awards</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Term of Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If not sooner terminated by the Board pursuant to Section&nbsp;12(b), this Plan shall
terminate when all shares of Company Stock reserved for issuance hereunder have been issued. If the term of this Plan extends beyond ten (10)&nbsp;years from the Effective Date, no Incentive Stock
Options may be granted after such time unless the shareholders of the Company have approved an extension of this Plan for such purpose. No Awards shall be granted under the Plan after its termination.
If the Plan is terminated by the Board pursuant to Section&nbsp;12(b), then the authority of the Board and the Committee under this Section&nbsp;12 and to otherwise administer the Plan will extend
beyond the date of this Plan's termination to the extent necessary to administer Awards outstanding on the date of the Plan's termination. In addition, termination of this Plan will not affect the
rights of Participants with respect to Awards previously granted to them, and all unexpired Awards will continue in force and effect after termination of this Plan except as they may lapse or be
terminated by their own terms and conditions.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Termination and Amendment of Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board may, at any time, terminate the Plan or amend the Plan in
such respects as it shall deem advisable, subject to the following limitations:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Shareholders
must approve any amendment to the Plan to the extent the Company determines that such approval is required by the Code, Rule&nbsp;16b-3, the listing
requirements of the Stock Exchange on which Company Stock is then traded, or any other applicable law, including, but not limited to, an amendment that (i)&nbsp;increases the total number of shares
of Company Stock reserved for issuance pursuant to Awards granted under the Plan (except pursuant to Section&nbsp;13), (ii)&nbsp;expands the class of persons eligible to receive Awards, or
(iii)&nbsp;materially increases the benefits accruing to Participants under the Plan.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>A
termination or amendment of the Plan shall not, without the consent of the Participant, adversely affect a Participant's rights under an Award previously granted
to such Participant, except that the Board may unilaterally amend the Plan and Awards as it deems appropriate to ensure compliance with Rule&nbsp;16b-3 and other applicable law, and to cause Awards
to meet the requirements of the Code, including Code Sections&nbsp;422 and 409A.
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Amendment, Modification or Cancellation of Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may modify, amend, or cancel any Award,
or waive any restrictions or conditions applicable to any Award, subject to the following limitations:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Any
modification or amendment that materially diminishes the rights of the Participant, or the cancellation of an Award, shall be effective only if agreed to by the
Participant, except that the Committee need not obtain Participant consent for the adjustment or cancellation of an Award pursuant to Section&nbsp;13 or to the extent the Committee determines it
necessary to comply with Rule&nbsp;16b-3 or any other applicable law, the Code, or the listing requirements of the Stock Exchange or market on which the Shares are then traded.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Other
than as provided in Section&nbsp;13, outstanding Options or Stock Appreciation Rights may not (A)&nbsp;be amended to reduce the exercise price or grant
price of such outstanding Options or Stock Appreciation Rights; (B)&nbsp;be cancelled in exchange for Options or Stock Appreciation Rights with an exercise or grant price that is less than the
exercise price of the original Options or Stock Appreciation Rights; or (C)&nbsp;be cancelled in exchange for cash or other securities if the exercise </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-11</FONT></P>

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<UL>
<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>price
or grant price of such outstanding Option or Stock Appreciation Right is greater than the Fair Market Value of a share of Company Stock. </FONT></P>

</UL>
</UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>13.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Change in Capital Structure</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Adjustment of Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In the event of a stock dividend, stock split or combination of shares,
recapitalization, merger in which the Company is the surviving corporation, reorganization, reincorporation, consolidation, special dividend, spin-off or other change in the Company's capital stock
without the receipt of consideration by the Company (including, but not limited to, the creation or issuance to shareholders generally of rights, options or warrants for the purchase of common stock
or preferred stock of the Company), or any other event shall occur (which event, in the judgment of the Board or Committee, necessitates an adjustment to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under this Plan), the number and kind of shares of stock or securities of the Company to be subject to the Plan and to Awards then
outstanding or to be granted thereunder, the aggregate and individual maximum number of shares or securities which may be delivered under the Plan pursuant to Section&nbsp;4, and the exercise price
and other terms and relevant provisions of Awards shall be appropriately adjusted by the Committee, whose determination shall be binding on all persons; provided, however, that no adjustment of an
outstanding Option or Stock Appreciation Right may be made that would create a deferral of income or a modification, extension or renewal of such Option or Stock Appreciation Right under Code
Section&nbsp;409A except as permitted thereby. If the adjustment would produce fractional shares with respect to any Incentive Award, Restricted Award or unexercised Option or Stock Appreciation
Right, the Committee may adjust appropriately the number of shares covered by the Award so as to eliminate the fractional shares. </FONT></DD></DL>
<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Notwithstanding
the foregoing, in the case of a stock dividend (other than a stock dividend declared in lieu of an ordinary cash dividend) or subdivision or combination of the shares (including a
reverse stock split), if no action is taken by the Committee, adjustments contemplated by this subsection that are proportionate shall nevertheless automatically be made as of the date of such stock
dividend or subdivision or combination of the shares; provided that the number of shares of Company Stock subject to any Award payable or denominated in shares must always be a whole number, and any
fractional share resulting from such adjustment shall be rounded down to the nearest whole share, unless the Committee determines otherwise.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Change of Control.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If an Award Agreement specifies the treatment of an Award upon a Change of Control,
then such provisions in the Award Agreement shall control, notwithstanding any contrary provision in this Plan. If an Award Agreement does not contain provisions regarding treatment of an Award upon a
Change of Control, then, unless provided otherwise by the Board or Committee prior to a Change of Control, in the event of a Change of Control:
<BR><BR></FONT>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Each
outstanding Option or Stock Appreciation Right shall become immediately and fully vested and all Options and Stock Appreciations Rights shall be cancelled as of
the closing of the Change of Control in exchange for a cash payment equal to the excess of the "Change in Control Price" (meaning the price paid or deemed paid in the Change of Control transaction, as
determined by the Committee) over the exercise or grant price of such Awards;
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Outstanding
Restricted Awards and Incentive Awards that are not then vested shall vest assuming, if applicable, the Performance Goals were met at the higher of
(A)&nbsp;100% of target or (B)&nbsp;the level of achievement of the Performance Goals measured at the time of the Change of Control and assuming that the Performance Goals would continue to be
achieved at the same rate through the end of the performance period; and </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-12</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Except
as otherwise expressly provided in any agreement between a Participant and the Company or one of its Affiliates, if the receipt of any payment by a
Participant under the circumstances described above would result in the payment by the Participant of any excise tax provided for in Section&nbsp;280G and Section&nbsp;4999 of the Code, then the
Committee may, in its discretion, reduce the amount of such payment to the extent required to prevent the imposition of such excise tax.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Participant Consent Not Required.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Any determination made or action taken under this Section&nbsp;13 by
the Committee or Board shall be final and conclusive and may be made or taken without the consent of any Participant. </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>14.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the
Committee, which shall be the full Board or a committee appointed by the Board, consisting of not less than two members of the Board. As of the Effective Date, the Board appoints the Compensation and
Management Development Committee of the Board to be the Committee for purposes of the Plan. The Committee shall have general authority to impose any limitation or condition upon an Award that the
Committee deems appropriate to achieve the objectives of the Award and the Plan and, without limitation and in addition to powers set forth elsewhere in the Plan, shall have the following specific
authority:  </FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Authority.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall have the power and complete discretion to determine (i)&nbsp;which
eligible employees, directors and other Company Contributors shall receive an Award and the nature of the Award, (ii)&nbsp;the number of shares of Company Stock to be covered by each Award,
(iii)&nbsp;whether Options shall be Incentive Stock Options or Nonstatutory Stock Options, (iv)&nbsp;the Fair Market Value of Company Stock, subject to Section&nbsp;2(p), (v)&nbsp;the time or
times when an Award shall be granted, (vi)&nbsp;whether an Award shall become vested over a period of time and/or upon the achievement of Performance Goals, and when it shall be fully vested,
(vii)&nbsp;when Options or Stock Appreciation Rights may be exercised, (viii)&nbsp;whether a Disability exists, subject to Section&nbsp;2(o), (ix)&nbsp;the manner in which payment will be made
upon the exercise of Options or Stock Appreciation Rights, (x)&nbsp;conditions relating to the length of time before disposition of Company Stock received under an Award is permitted,
(xi)&nbsp;the manner of payment of Applicable Withholding Taxes, (xii)&nbsp;the terms and conditions applicable to Restricted Awards, (xiii)&nbsp;the terms and conditions on which restrictions
upon Restricted Awards shall lapse, (xiv)&nbsp;whether to accelerate the time at which any or all restrictions with respect to Restricted Awards will lapse or be removed, (xv)&nbsp;notice
provisions relating to the sale of Company Stock acquired under the Plan, and (xvi)&nbsp;any additional requirements relating to Awards that the Committee deems appropriate. </FONT></DD></DL>
<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Committee may accelerate the vesting of an Award, or cause the lapse of restrictions related to such Award, or deem an Award to be earned, in whole or in part, in the event of the Participant's
death, Disability, retirement, termination of employment, Change of Control, or any other event as determined by the Committee in its sole discretion.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Administrative Rules.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may adopt rules and procedures for carrying out the Plan. The
interpretation and construction of any provision of the Plan by the Committee shall be final and conclusive. The Committee may consult with counsel, who may be counsel to the Company, and shall not
incur any liability for any action taken in good faith in reliance upon the advice of counsel.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Delegation to Subcommittee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If a committee of the Board is appointed to serve as the Committee, such
Committee shall have, in connection with the administration of the Plan, the powers possessed by the Board, including the power to delegate a subcommittee of the administrative powers the Committee is
authorized to exercise, subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-13</FONT></P>

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<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Delegation to Officers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by applicable law, the Committee may delegate to one or
more Officers the authority to exercise the Committee's authority under the Plan, other than with respect to Participants who are Officers.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Rule&nbsp;16b-3.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As to Awards that that are authorized by the Committee and intended to be exempt
under Rule&nbsp;16b-3 of the Exchange Act, the requirements of Rule&nbsp;16b-3(d)(1) under the Exchange Act with respect to committee action also are intended to be satisfied. To the extent
applicable, Committee members shall meet the requirements of the rules and regulations of the Stock Exchange.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Indemnification.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In addition to such other rights of indemnification as they may have, the members of
the Committee (or any subcommittee or Officer who is a delegate thereof) shall be indemnified by the Company against the reasonable expenses, including attorneys' fees, actually and necessarily
incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or
failure to act under or in connection with the Plan or any Award granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by the Board) or
paid by the Board in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be determined in such action, suit or proceeding that such
Committee member has acted in bad faith; provided, however, that within 60&nbsp;days after receipt of notice of institution of any such action, suit or proceeding, a Committee member shall offer the
Company in writing the opportunity, at its own cost, to handle and defend the same. </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>15.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Notice</I></B></FONT><FONT SIZE=2><I>.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All notices and other communications required or permitted to be
given under this Plan shall be in writing and shall be deemed to have been duly given if delivered personally or mailed first class, postage prepaid, as follows:  </FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>If
to the Company&nbsp;&#151; at its principal business address to the attention of the Secretary;
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>If
to any Participant&nbsp;&#151; at the last address of the Participant known to the sender at the time the notice or other communication is sent. </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
either event, notice may also be delivered via email as long as the email account is one used in the regular course of business of the Participant or Company representative. In addition, notice may
be provided in accordance with such procedures adopted by the Committee, which may include notice provided via a third party administrator platform. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>16.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Code Section&nbsp;409A.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>To
the extent that amounts payable under this Plan are subject to Code Section&nbsp;409A, the Plan and Awards are intended to comply with such Code
Section&nbsp;409A and official guidance issued thereunder. Otherwise, the Plan and Awards are intended to be exempt from Code Section&nbsp;409A. Notwithstanding anything to the contrary, the Plan
and Awards shall be interpreted, operated and administered in a manner consistent with these intentions.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>For
purposes of the Plan, all references to "employment termination," "termination from employment," "termination from service," "separation from service" or like
phrases are intended to constitute a "separation from service" as defined by Code Section&nbsp;409A.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Notwithstanding
anything in the Plan to the contrary, if a Participant is a specified employee (within the meaning of the default provisions for determining
specified employees under Section&nbsp;409A of the Code) with respect to the Company at the time of the Participant's employment termination or </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>A-14</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>separation
from service, all payments that are not then exempt from Code Section&nbsp;409A, which are payable as a result of such employment termination or separation from service, and would have
been due during the six-month period following the Participant's employment termination or separation from service shall be aggregated and paid on the date that is six months and one day after the
Participant's employment termination or separation from service (or, if earlier, as soon as practicable after the date of the Participant's death). </FONT></P>

</UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>17.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Clawback</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions in this Plan, all Awards shall be subject to
recovery under (a)&nbsp;any law, government regulation or Stock Exchange listing requirement, and (b)&nbsp;any recoupment or clawback policy adopted by the Board. Any amendment to such clawback
policy after the date an Award is granted shall be applicable to such Award without the need for Participant consent. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>18.</FONT><FONT
SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>No Shareholder Rights</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;No Participant shall be deemed to be the holder of, or to have any of the rights
of a holder with respect to, any shares of Company Stock subject to an Award unless otherwise stated herein or until such Participation has satisfied all requirements under the terms of the Award.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>No Guarantee of Tax Treatment</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provisions of the Plan, the Company does not
guarantee to any Participant that (i)&nbsp;any Award intended to be exempt from Code Section&nbsp;409A shall be so exempt, (ii)&nbsp;any Award intended to comply with Code Section&nbsp;409A or
Code Section&nbsp;422 shall so comply, or (iii)&nbsp;any Award shall otherwise receive a specific tax treatment under any other applicable tax law, nor in any such case will the Company or any
Parent or Subsidiary indemnify, defend or hold harmless any individual with respect to the tax consequences of any Award.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Governing Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The terms of the Plan shall be governed by the laws of the State of Delaware, without
regard to conflict of law provisions at any jurisdiction.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Limitations on Actions and Venue</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Any legal action or proceeding with respect to this Plan, any Award or
any Award Agreement, must be brought within one (1)&nbsp;year (365&nbsp;days) after the day the complaining party first knew or should have known of the events giving rise to the complaint, and
the exclusive jurisdiction, forum, and venue with respect to any such legal action or proceeding shall be the state and federal courts, as applicable, located in Detroit, Michigan.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Construction</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Whenever any words are used herein in the masculine, they shall be construed as though
they were used in the feminine in all cases where they would so apply; and wherever any words are used in the singular or plural, they shall be construed as though they were used in the plural or
singular, as the case may be, in all cases where they would so apply. Titles of sections are for general information only, and this Plan is not to be construed with reference to such titles.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Requirements of Law and Securities Exchange</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The granting of Awards and the issuance of Company Stock in
connection with an Award are subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or Stock Exchanges or markets as may be required. Notwithstanding
any other provision of this Plan or any Award agreement, the Company has no liability to deliver any Company Stock under this Plan or make any payment unless such delivery or payment would comply with
all applicable laws and the applicable requirements of any Stock Exchange or similar entity, and unless and until the Participant has taken all actions required by the Company in connection therewith.
The Company may impose such restrictions on any Company Stock issued under the Plan as the Company determines necessary or desirable to comply with all applicable laws, rules and regulations or the
requirements of any Stock Exchange. </FONT></DD></DL>
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<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>No Fractional Shares</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;No fractional Shares or other securities may be issued or delivered pursuant to
this Plan. If, but for this provision, fractional Shares would be issuable pursuant to an Award, then such fractional Share shall be canceled without payment thereunder. Notwithstanding the foregoing,
the Committee may alternatively decide, in its sole discretion, to cause such fractional Shares to be rounded up to the nearest whole Share or for a cash payment to be made equal to the Fair Market
Value of such fractional Share.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Unfunded Plan</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This Plan is unfunded and does not create, and should not be construed to create, a trust
or separate fund with respect to this Plan's benefits. This Plan does not establish any fiduciary relationship between the Company and any Participant or other person. To the extent any person holds
any rights by virtue of an Award granted under this Plan, such rights are no greater than the rights of the Company's general unsecured creditors. Neither the Company nor any Subsidiary will be
required to segregate any assets that may at any time be represented by Awards granted pursuant to the Plan.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Severability</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Plan or any Award Agreement (i)&nbsp;is or becomes or is deemed
to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or (ii)&nbsp;would disqualify this Plan, any Award Agreement or any Award under any law the Committee deems
applicable, then such provision should be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee,
materially altering the intent of this Plan, Award Agreement or Award, then such provision should be stricken as to such jurisdiction, person or Award, and the remainder of this Plan, such Award
Agreement and such Award will remain in full force and effect.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Manner of Action.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Board and Committee actions and authorizations with respect to the Plan and Awards
granted thereunder are not required to take any specific form. For example, and without limiting the generality of the foregoing, any action or authorization by the Board or the Committee that is not
described as an amendment, but that would be inconsistent with the Plan or an Award agreement as then in effect, shall be given the same effect as a formal amendment thereto (provided that such
amendment is permitted by Section&nbsp;12). </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>IN
WITNESS HEREOF, this instrument has been executed as of the 13th&nbsp;day of May, 2020. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>PENSKE
AUTOMOTIVE GROUP,&nbsp;INC. </FONT></P>
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<TD style="font-family:arial;"><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Claude H. Denker, III, </FONT><FONT SIZE=2><I>Executive Vice President, Human Resources</I></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Instead of mailing your proxy, you may choose one of the voting methods   outlined below to vote your proxy.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Proxies   submitted by the Internet or telephone must be received by 11:59 p.m.,   Eastern Daylight Time, on <font color="black" style="color:black;">May&nbsp;<i>12</i>, 2020</font>.</font></b></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="35%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:35.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Vote   by Internet</font></b></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Go to <b>www.envisionreports.com/pag</b></font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Or scan the QR code with your smartphone</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:14.32%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.0%;">
<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Follow the steps outlined on the secured website</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Vote   by telephone</font></b></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font></p>    </td>
<td width="46%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Call toll free 1-800-652-VOTE (8683) within the USA, US   territories&nbsp;&amp; Canada on a touch tone telephone</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font></p>    </td>
<td width="46%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:46.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Follow the instructions provided by the recorded message</font></p>    </td>   </tr>
<tr height="0">
<td width="354" style="border:none;"></td>
<td width="26" style="border:none;"></td>
<td width="75" style="border:none;"></td>
<td width="28" style="border:none;"></td>
<td width="224" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">Using a <b><u style="font-weight:bold;">black ink</u></b> pen, mark your votes with an <b>X</b> as shown in</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">this example.&#160; Please do not write outside the designated areas.&#160;&#160; </font><font size="1" face="Wingdings" style="font-size:8.0pt;">x</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Annual Meeting Proxy Card</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">IF YOU HAVE NOT VOTED VIA THE INTERNET OR TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</font></b></p>
<p style="margin:0in 0in .0001pt 44.0pt;text-indent:-44.0pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="100%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">A&nbsp; Proposals &#150; The Board of Directors   recommends that you vote <u>FOR</u> the following proposals:</font></b></p>    </td>   </tr>
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<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;1.</font></p>    </td>
<td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Election   of Directors:</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<td width="76%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">For</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Withhold</font></b></p>    </td>   </tr>
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<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">01 &#151; John D. Barr</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">02 &#151; Lisa Davis</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">03 &#151; Wolfgang D&#252;rheimer</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">04 &#151; Michael R. Eisenson</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">05 &#151; Robert H. Kurnick,&nbsp;Jr.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">06 &#151; Kimberly J. McWaters</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">07 &#151; Greg Penske</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">08 &#151; Roger S. Penske</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">09 &#151; Sandra E. Pierce</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">10 &#151; Greg C. Smith</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">11 &#151; Ronald G. Steinhart</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">12 &#151; H. Brian Thompson</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="76%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:76.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">13 &#151; Masashi Yamanaka</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">For</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Against</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">Abstain</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.34%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p style="margin:0in 0in .0001pt 11.0pt;text-indent:-11.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">2.</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Approval of the 2020 Equity Incentive Plan.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p style="margin:0in 0in .0001pt 11.0pt;text-indent:-11.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">3.</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Ratification of the selection of Deloitte&nbsp;&amp; Touche LLP   as the Company&#146;s independent auditing firm for the year ending   December&nbsp;31, 2020.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p style="margin:0in 0in .0001pt 11.0pt;text-indent:-11.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p style="margin:0in 0in .0001pt 11.0pt;text-indent:-11.0pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">4.</font></p>    </td>
<td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Approval, by non-binding vote, of executive compensation.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>  </table>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">B&nbsp; Authorized Signatures &#150; This section must be completed for your vote to be counted. &#150; Date and Sign Below</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.5pt;text-indent:-27.5pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Please sign exactly as name(s)&nbsp;appears hereon. Joint owners should each sign.&nbsp; When signing as attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give full title.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.26%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">Date (mm/dd/yyyy) &#150; Please print date below.</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.66%;">
<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">Signature 1 &#150; Please keep signature within the box.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:8.5pt;">Signature 2 &#150; Please keep signature within the box.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="1" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;<b>IF VOTING BY MAIL, YOU <u>MUST</u> COMPLETE SECTIONS A &#150; C ON BOTH SIDES OF THIS CARD.</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- ZEQ.=1,SEQ=73,EFW="2241013",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=516443,FOLIO='',FILE="DISK109:[20ZAD2.20ZAD16202]1962-2-BG_ZAD16202.CHC",USER="SSTALKE",CD='Mar 15 15:55 2020' -->

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<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Form&nbsp;of Proxy Card &#151; Penske Automotive Group,&nbsp;Inc.</font></b></p>
</div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">IF YOU HAVE NOT VOTED VIA THE INTERNET <u>OR</u> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Proxy &#151; Penske Automotive Group,&nbsp;Inc.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The undersigned hereby revokes all prior proxies and appoints Robert H. Kurnick,&nbsp;Jr. and Shane M. Spradlin and each of them, as proxies with full power of substitution, to vote on behalf of the undersigned the same number of shares of Common Stock, par value $0.0001 per share, of Penske Automotive Group,&nbsp;Inc. which the undersigned is entitled to vote, at the Annual Meeting of Stockholders to be held on May&nbsp;13, 2020 at 8:00&nbsp;a.m., Eastern Daylight Time, at our corporate headquarters, 2555 Telegraph Road, Bloomfield Hills, Michigan 48302, and at any postponements or adjournments thereof, on any matter properly coming before the meeting, and specifically the matters described on the reverse side hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">THE PROXY WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE,&nbsp;IT WILL BE VOTED FOR THE ELECTION OF THE NOMINEES NAMED HEREIN, FOR APPROVAL OF OUR 2020 EQUITY INCENTIVE PLAN, FOR RATIFICATION OF OUR AUDITORS, FOR APPROVAL OF OUR EXECUTIVE COMPENSATION AND ACCORDING TO THE DISCRETION OF THE PROXY HOLDERS ON ANY OTHER MATTERS THAT MAY&nbsp;PROPERLY COME BEFORE THE MEETING OR ANY POSTPONEMENTS OR ADJOURNMENTS THEREOF. THE PROPOSALS HEREIN ARE PROPOSED BY THE BOARD OF DIRECTORS.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">CONTINUED AND TO BE SIGNED ON REVERSE SIDE</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.5pt;text-indent:-27.5pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">C&nbsp;Non-Voting Items</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Change of Address &#150; </font></b><font size="1" face="Arial" style="font-size:7.5pt;">Please   print your new address below.</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Comments</font></b><font size="1" face="Arial" style="font-size:7.5pt;">   &#150; Please print your comments below.</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Meeting Attendance</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Mark the box to the right&nbsp; </font><font size="1" face="Wingdings" style="font-size:8.0pt;">&#168;</font></p>
<p style="margin:0in 0in .0001pt 5.75pt;"><font size="1" face="Arial" style="font-size:8.0pt;">if you plan to attend the </font><font size="1" face="Arial" style="font-size:8.0pt;">Annual   Meeting</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">IF VOTING BY MAIL, YOU <u>MUST</u> COMPLETE SECTIONS A &#150; C ON BOTH SIDES OF THIS CARD.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Electronic   Voting Instructions</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Available   24 hours a day, 7 days a week!</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
